Over the next two years the airport will be substantially revamped– increasing capacity from 12.6 million to 18 million passengers a year.
The airport’s main terminal will be expanded by 40%, creating the space for twice as much retail space and a new £1 million executive lounge.
Infrastructure for passengers travelling to Luton will also be improved.
Work is already underway on a new 1,700 space multi-storey car park and the road leading to the terminal will be dualled.
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It is thought that the expansion will create up to 10,000 new jobs.
Transport Secretary Patrick McLoughlin welcomed the development, telling the Luton News: “I’ve been very impressed, when one comes back in a few years time it won’t be recognisable as it is today.
“There is still lots of work to be done, there has been work done on the runway itself to improve the turnability of aircrafts.
“Luton is going to be on par with all the other airports in the country.”
Airport chief executive Nick Barton added: “For us to grow our outlook in this way is good for our shareholders but very important for Luton as well.
“We are challenging ourselves to deliver a fundamental change in the facilities at the airport while trading is the biggest its ever been.”