It will be built on reclaimed land in the city's dockyards, while the 20,000-capacity Fratton Park will be demolished and 750 new homes built.
Portsmouth chief executive Peter Storrie said: "This will be the most spectacular stadium, set against the backdrop of the harbour."
The venture will be jointly funded by the club and Sellar Property Group, with the stadium opening by 2011.
The stadium has been designed by architects Herzog and De Meuron, which is also responsible for the Allianz Arena in Munich - one of five new grounds built for the 2006 World Cup.
As well as the new ground, the proposals also include plans for about 1,500 apartments, as well as restaurants, cafes and other leisure amenities.
Storrie added: "Portsmouth is moving into a new dawn with the backing of owner Alexandre Gaydamak and these are very exciting times for the club both on and off the field.
"The new stadium, along with plans for the club's new training ground at Titchfield, is proof of where we want Pompey to be - playing at the highest level and in a stadium that is reflective of a top Premiership side."
Planning applications will be submitted later this year and providing these are successful, work on the new stadium will begin in 2009.
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