The airport has launched its plans on Wednesday which it said would generate more than £340 million a year, with passenger numbers through the airport growing to 10 million per year by 2017.
The phased expansion at Lulsgate will see a bigger terminal, covered walkways to the planes, a new multi-storey car park with a public transport interchange on top, as well as a hotel and office buildings.
New transport links to the airport will take place alongside the development, including improvements to the A38, a new fleet of buses on the Flyer service from Temple Meads, an extension to the Rapid Transit route from Ashton Vale, new bus services to Weston-super-Mare and Bath and a link route around south Bristol.
The airport itself is expecting to see an extra five or six flights per hour between 6am and 11pm.
It hopes to add several long-haul flights to its list of destinations - Cape Town, Singapore, Hong Kong, Atlanta and Chicago are being targeted.