A 500-berth marina near Stainforth has been granted outline planning permission.
Doncaster Council's planning committee approved the application for the 12.8 hectare site between the Stainforth and Keadby canal and Hatfield Colliery.
The proposal also includes a bar and restaurant, activities centre and several units for shops.
It was approved on the basis that it would help secure economic development and boost tourism.
A previous planning application submitted in July 2009 by developers Waystone Ltd was withdrawn after concerns from Natural England about the loss of wildlife habitats.
The organisation has now welcomed the revised scheme, which provides alternative habitats and promises a new conservation area at a future stage.
Hatfield Town Council, which covers the area in which the marina could be built, also lodged an objection with Doncaster Council which centred on traffic concerns.
British Waterways, which looks after 2, 200 miles of the nation's canals and rivers, has said boat ownership is growing, particularly among the over 50s.
It forecasts that 11,700 additional mooring berths will be required on its waterway network by 2015.