The practice saw off Will Alsop, Architects Design Partnership and Broadway Malyan, and will now begin drawing up detailed plans for the former Worcestershire Royal Hospital site.
Among the key features of BDP's proposals are a 400-seat conference centre, a new studio space, student residences, restaurants and a luxury hotel.
As well as creating a new town square off Castle Street, the scheme also includes plans to refurbish a number of listed buildings, such as the Jenny Lynd Chapel.
Helen Groves, an associate director as BDP, said she was delighted by the victory and was looking forward to the challenge of creating a new cultural and educational quarter.
She said: 'This development will restore historically significant buildings to their former glory, while creating a dynamic learning quarter for the city of Worcester and beyond.'
A planning application for the project, which has already received a £10 million grant from the Strategic Development Fund of the Higher Education Funding Council, is expected to be submitted later this year.