The college were awarded one of the London Olympic training pools in 2012 after a long bidding process.
However, it was reported they have had to raise around £3.4 million to be able to build it at their school on the edge of Tavistock.
A statement on the college’s Facebook site said: “So proud of our school. After five years of planning we are finally there! With the help of Sport England, we have announced the go ahead for the build of our new 50m Olympic Legacy Pool at Mount Kelly which begins this month.
“The pool is due to be opened in August 2016. So very much needed, and so very much deserved.”
The building of the Mount Kelly pool will give the region a second 50m facility, following on from the Plymouth Life Centre, which opened in 2012.
Former Olympic medallist and ex-Kelly pupil Sharron Davies had backed the school’s bid to win the pool.
She told the college’s website: “I am thrilled, this is a big step forward for British swimming.
“It will give a huge boost to the chances of more young people reaching international level as well as giving those who simply love the sport the opportunity to come and enjoy themselves while getting fit. It will be an important part of the Olympic legacy.”
The multi-million pound project has finally been made possible by Sport England National Lottery funding of over £700,000.
The school’s head master Mark Semmence said: “This significant investment in the future of the school and for sport regionally would not have been possible without the support of Sport England.”