Developer Nikal has teamed up with entertainment business Media Invest Entertainment to develop the Blackpool Central scheme, which will include three indoor entertainment centres, a hotel and restaurants.
The new indoor theme park will including a flying theatre, rides for all the family and the latest immersive virtual reality experiences.
It will also feature a new major public square for live events, such as music concerts and sporting events.
The first phase of development includes a 1,300 space multi-storey car park, set to be build by Dutch firm Ballast Needam, which will free up land for future phases.
This phase will also restore the existing heritage buildings to create a thriving new Heritage Quarter.
Norbert Reichart, chief executive at Media Invest Entertainment, said: “We have taken a major step towards creating one of the UK’s most exciting destinations with this application submission.
“The scheme has a crucial role to play in enhancing Blackpool’s tourism offer and attracting more visitors to the town.”
The scheme is a key part of the Blackpool Town Deal supported by £39.5m of government funding.