The decision came late on Friday afternoon following much deliberation at Liverpool Town Hall and an 8am inspection of the proposed site was also held by members of the council's planning commitee.
As the current site will be transformed into a public plaza surrounded by apartments, offices, bars and restaurants and a hotel, the decision is also a positive step for the whole area as it will act as a catalyst for a major regeneration project in north Liverpool.
Liverpool first submitted plans to re-locate to Stanley Park by way of a 150-page planning application in October 2003 but objections from various campaign groups had halted any progress.
Both the Campaign for Protection of Rural England (CPRE) and the Anfield Regeneration Action Committee (ARAC) had raised concerns relating to Stanley Park's Grade II status, plus issues concerning transport and nuisance in what is a highly residential area.
The club now faces a four-month period in which objectors can still bring any concerns about the proposals to the attention of Deputy Prime Minister, John Prescott. However, the fact that the plans have the full backing of government department English Heritage suggests Liverpool FC will be able to begin work on the new stadium towards the end of this year.