The council planned to knock down the mammoth modernist bus station to build a smaller new bus station in its place after claiming it costs to much to run and upkeep.
But campaigners who argued the station represented a classic piece of 1960s Brutalist architecture have won their fight to protect the nine storey building, which offers 1,100 parking spaces in the city centre.
Preston City Council leader said: “We’ve always said the bus station is too big, provides relatively poor facilities for bus passengers and costs Preston taxpayers over £300,000 a year to maintain.
“We will have to take some time now to consider the listing decision and the options for moving forward.
“We need to look at costs and the impact on budgets and how it affects Preston taxpayers.
“We will work closely with Lancashire County Council as transport authority to consider the next steps.”
The council is expected to consider the plan to revamp the station, which before it estimated would cost £23m. Now that the station is listed it will be eligible for Lottery Heritage funding.
Culture secretary Ed Vaizey said: “Preston bus station is a remarkably good example of integrated 1960s traffic planning that still functions as originally intended.
“It represents an important stage in the evolution of integrated design in England – pioneered by Building Design Partnership – with architecture, interior design, engineering, quantity surveying, landscaping, graphic and typographic design working to a common goal.”
“I am very happy to end the uncertainty around the future of this building and accept the advice of English Heritage and give it the extra protection from demolition or redevelopment that listing provides.”