Set to be built with an investment of $4.6m (£3.5m), the new footbridge will connect the two platforms.
In 2020, Network Rail shut the original bridge after identifying issues in the structure.
Network Rail lead portfolio manager Jonathan Ham said: “People in Royston will no longer need to use a diversion to simply switch platforms at the station – and the new lifts will help everybody have the confidence to use the station independently.
“I’d like to thank passengers for bearing with us while we worked on these plans, and I’m looking forward to seeing the new bridge come to life this year.”
The bridge will also feature new lifts that will create a step-free route for passengers with limited mobility, luggage as well as for those using pushchairs.
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Construction works on the new bridge are set to begin this year and are expected to be completed by early next year.
Thameslink and Great Northern managing director Tom Moran said: “This is really great news for our customers at Royston and will open up the railway at this station to so many more people.
“Big projects such as this are a crucial part of our drive to create a more accessible and inclusive railway, where everyone has the confidence to travel no matter what their need for assistance.”
Last week, Network Rail announced that it will invest $108m (£83m) to improve train services across the UK.