The iconic neon Rose Bowl sign will not change, but a lot of things inside will, including the scoreboard and the big video board.
The project also includes expanding the press box, increasing the number of concession stands and restrooms and improving the tunnels and the concourse throughout the stadium.
The 88-year-old stadium is one of the oldest football venues in the country.
Officials want to preserve the Rose Bowl's historic landmark status, but at the same time give the facility a major facelift.
Work on the three-phase project is set to begin in January and will last until August 2013. Most of the work will be done between the football seasons.
The city also recently approved a 30-year lease extension with UCLA and the Tournament of Roses.