A proposal for the council-run facility in the Village was included as part of a bid to the Scottish Government for funds to expand nursery education for 3/4-years-olds and vulnerable 2-year-olds.
At the Education Committee the council announced it had successfully received a grant of £20m from Holyrood allowing the Village plan to go ahead.
Cumbernauld East councillor Tom Johnson said: “This is good news, and a complete turnaround since the council offered the old building for sale last August.
“A nursery and family learning centre will breathe new community life into Cumbernauld Village which lost a lot of social life when the council closed the primary school some 15 years ago.
“This is something I’d been pressing since the Scottish Government announced the drive to expand early years provision from 600 hours per child to 1140 by 2020.
“I raised the question of Scottish Government capital grants to the council for nursery building expansion, following the recent agreement with COSLA on this matter.
“At the Education Committee I was told the council has received a grant of £20 million which has made the new-build in the Village possible.”