A new pedestrian gateway and extensive public areas are part of the vision for the area.
Cabinet councillors approved the strategy - the second phase of the Doncaster Renaissance masterplan - last week. The original master-plan was created in 2003 by Urban Initiatives, designed to form the framework for a £23m regeneration of Doncaster.
Environmental consultancy URS and urban designer Stock Woolstencroft produced the latest strategy.
Doncaster's mayor, Martin Winter, said: "The waterfront project is the most exciting waterfront regeneration project in the UK.
He added: "There should be a really good feel about the area. This (scheme) will create a sense of place, raise the town's profile and act as a catalyst for new investor confidence across the borough, which is vital during these tough economic times."
The strategy outlines the key principles for regenerating a 15ha site of the city.
It includes plans for linking the north of the site to the open green spaces of the countryside beyond the city.
In addition, routes across the site will connect residential communities to the waterside.