Overlooking the River Kennet, the new arts facility will include a 300-seat auditorium, a flexible rehearsal and studio space, a bar and a café terrace.
The Riverbank Theatre and Cinema will sit on the edge of the town's conservation area and has been restricted in height to just 12.5m from the floor.
According to a spokesman, the scheme's design 'draws on the site's historic use as a timber yard' and will feature a wooden frame and cladding.
Rosemary Hill, director of Kennet Valley Arts Trust, which is raising the money to fund the project, said: 'Ruddle Wilkinson and their team have worked hard with the trust to design this fantastic building.
'Now we have planning permission we can concentrate on completing the fundraising for the project, and we are all excited at the prospect of the new building with its facilities in Marlborough.'
The centre, which has been developed with landscape architects Arthur Amos Associates and structural engineer Whitbybird, is scheduled to start on site in early 2007.