Herne Hill velodrome, where Tour de France winner Sir Bradley Wiggins began his cycling career, is to be lit for the first time in its 122-year history.
New trackside lighting is to be installed at the south-east London venue which was the home of the 1948 Olympic cycling competition.
The lighting, a 250m circuit junior track, an enclosed tarmac area in the track centre which could be used for Bikeability training, bike polo and hand bikes have now received planning permission from South Council.
Money from the council's Olympic Legacy Fund is being earmarked for the improvements with the hope that more people will use the venue throughout the year.
The state of the still-used track has fallen into ruin over the years.
It had become so bad that big events, including the traditional Good Friday Meeting, have had to be shifted to other venues.
The lighting would allow people to use the velodrome in the winter. Time limits will be put on the use of the lights.
The junior track and the tarmac area could also be used as a warm up and cool down space.
British Cycling's chief executive Ian Drake said: "We are delighted that the Herne Hill Velodrome Trust has been successful in obtaining planning permission for what is effectively phase two of the velodrome's rebirth.
"Phase one was achieved in 2011 when British Cycling resurfaced the track, saving it from closure and we look forward to working with the Trust, the Dulwich Estate, Sport England and all our local members and supporters to deliver phase three - the redevelopment of the pavilion."