The Bishop Konstant Multi Academy Trust submitted an application to build a 1.1km closed track on playing fields at St Thomas a Becket Catholic Secondary School in Sandal.
The state-of-the-art circuit will be used by more than 4,500 pupils within the trust, as well as cycling and disability groups.
Outside of the school term times, the facility can be used by members of the public.
British Cycling designed the layout of the circuit and will fund 50 per cent of the project.
Director of coaching, education and development John Mills said: “Traffic-free, closed-road circuits such as the one planned for Wakefield provide ideal opportunities for people to develop a passion for cycling in a safe environment.
“We are very pleased Wakefield Council have approved the plans. The circuit will be a great asset to the local community, and allows us to continue to build on the legacy created by the 2014 Grand Depart.”
Construction work on the track is expected to start in the next couple of weeks and it is scheduled to open towards of the end of 2016.
Bishop Konstant Catholic Academy Trust chairman David Wright said: “We aim to provide the highest standards of education possible for all our children and regard education to be of the whole person.
“The cycle track is a wonderful example of how we can bring this mission to life.
“It has been a tremendous joint effort between British Cycling, the council, community groups and the trust to bring the project to this point.”
St Thomas a Becket Catholic Secondary School principal John Rooney said: “The closed road circuit will encourage greater and lifelong involvement in active and healthy lifestyles for, not only, the school age young people of Wakefield but for the wider community too.”