The junction will provide access to the planned £650m Heartlands mixed-use development.
The junction will take 12 months to build and is the first privately-financed full motorway junction in Scotland.
Ecosse Regeneration is behind the Heartlands Development which comprises 610 hectares of land directly to the west of Whitburn, on the site of the former Polkemmet Colliery.
Plans for the site currently include 2,000 homes alongside leisure, education and community facilities and two 18-hole golf courses.
Work began on site in 2004 to decontaminate and remediate the land on the former mining site which is the size of 1,000 football pitches.
Balfour started the first phase of housing infrastructure earlier this year, and it is anticipated that Taylor Wimpey will be on site this autumn to start work on construction of the first 99 homes. Initial preparation work on the golf courses has also begun.
Minister for Transport Keith Brown said: “I am delighted to see work soon to begin on a new motorway junction on the M8 – the key route connecting Scotland’s biggest cities, providing access to a major new residential and economic development.”
Alex Muirhead, Heartlands Development Director for Ecosse Regeneration, said: “Heartlands is one of the largest regeneration projects taking place in Europe and it is one which will help to drive the economy of Scotland’s central belt.”
Adam Thomson, Managing Director Central Scotland Region, Balfour Beatty Civil Engineering said: “We are delighted to be awarded this contract.
“This important development will breathe life back into the area and the completion of the junction will be a major step in this process.
“We have been involved with Ecosse Regeneration and Transport Scotland in the development of the junction design from the start and look forward to working together to successfully deliver the project.”