The development, which has still to be approved by the Government, will transform around 46 acres of the former United Glass site in the town centre.
Officials say the 18,000-seater stadium will be a 21st-century design and a source of civic pride.
Saints chairman Eamonn McManus said: "This is wonderful news for the club, its supporters and for the town of St Helens."
The existing St Helens' Knowsley Road stadium will be pulled down and replaced with around 190 new homes.
The planning application was compiled by developer Langtree, Tesco and housebuilder Taylor Wimpey.
Also included in the new development will be a Tesco superstore, meaning the current town centre store on Chalon Way can be demolished and replaced with a new shopping centre.
The proposals will now go to the Government Office for the North West for further consideration.