Glasgow Building Preservation Trust is behind the move to give the venue a £2million new lease of life.
Built in 1924, the B-listed Kelvingrove Bandstand hosted live performance and events for 75 years.
The refurbishment work will create an open air performance space, equipped with modern facilities and infrastructure.
Councillor Alistair Watson, executive member for Land and Environmental Services, said: "Both the bandstand and its setting within the park are of major heritage significance.
"The redevelopment will breathe new life into the facility and re-establish it as a popular venue for a wide range of events."
During the 1920s and 30s, up to 7000 people would pack the outdoor amphitheatre to watch summer shows and musical performances.
Later, in the 1970s and 80s, the venue hosted a series of free rock and pop concerts.
However, it closed in 1999 on health and safety grounds and became derelict.
Two contemporary extensions to the rear of the bandstand will enable the introduction of a platform lift and enhanced facilities.
Adaptations to the amphitheatre include the introduction of a new cross aisle, two new gangways and improvements to the upper terracing to provide permanent concrete seating.
The roofs of the pay boxes on Kelvin Way will also be rebuilt to their original profile and the brick work rendered.
Murray Shaw, the group's vice chairman, said: "GBPT is delighted that after many years of campaigning and fundraising by the local community and GBPT, this iconic building will be saved."
The project is funded by a number of partners, including Glasgow City Council (including Landfill Communities Fund), Glasgow City Heritage Trust, and Heritage Lottery Fund.
Glasgow Life, which will run the venue, says it will improve the appearance of the park and make it more welcoming for locals and visitors.