The improvements, which are set to take place on the M25 junction 10, the interchange with the A3 at Wisley, has been given the formal go ahead by Transport Secretary Grant Shapps.
The move will improve safety, reduce collisions and cut congestion on the junction.
The junction is one of the busiest in the country and experiences large queues and heavy congestion on a daily basis.
It has the highest recorded collision rates across England’s motorway and major A roads nationally; this project will reduce collisions by around a third.
This major improvements package includes a new elongated roundabout to increase capacity, four new dedicated free-flowing slip roads to reduce queuing between the M25 and the A3 and widening the M25 from three to four lanes through the junction.
The move will also widen the A3 from three to four lanes either side of J10 and improving the A245 at Painshill with better routes for pedestrians, cyclists and horse riders.
The scheme will involve some of the most extensive environmental work ever carried out by National Highways, restoring over 22 hectares of heathland as well as planting new woodland.
The UK’s first ever ‘heathland’ green bridge will link walkers and cyclists to these important habitats for the first time.
National Highways regional delivery director Chris Welby-Everard said: ‘We are delighted with today’s announcement which means we can now proceed with our project to improve the M25 junction 10/A3 interchange near Wisley. This vital work will improve safety and reliability for almost 300,000 drivers a day and generate more than 400 jobs.
‘We are grateful to stakeholders for their continued engagement and contribution in the development of the scheme and will continue to work with them as we take the project forward.’
The junction is used by almost 300,000 drivers a day.
Work on the M25 junction 10 is expected to start later this year.
To find out more about the scheme, visit the website highwaysengland.co.uk/our-work/south-east/m25-junction-10/