The development at City of Glasgow College will see construction work at two separate sites - on Cathedral Street and along the Clyde.
The campuses will house 1200 members of staff and serve 40,000 students each year.
The project is expected to create 170 new jobs during its construction phase and will offer a minimum of 40 modern apprenticeships.
Paul Little, the college principal, said: "By 2016, the Glasgow skyline will be transformed as the construction of our stunning new campuses is completed.
"Glasgow will have a powerhouse of skills at the heart of the city centre and a significant part of the River Clyde will be regenerated, reflecting the college's commitment to providing world class education facilities."
Deputy First Minister Nicola Sturgeon confirmed construction on the two sites would begin later this month.
She added: "The college will offer an excellent learning environment for thousands of students and play a crucial role in the expansion of industry and employability focused research, and college and higher education in the city."