The project, located near Aberdeen Airport, also includes the creation of a new dual carriageway link road.
Aberdeen City Council is investing in the project off the A96 Aberdeen to Inverurie road in the latest of a series of infrastructure improvements.
The Dyce development will provide space for 1,000 vehicles, as well as waiting accommodation and cycle lockers, along with 500m of dual carriageway between the A96 and Dyce Drive at its junction with Argyll Road.
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The road element of the scheme will include footpaths and a shared cycle lane and pedestrian walkway, while the dual carriageway will have three lanes going in each direction.
The northern leg of the link road will be built in the first phase of the project, and is due for completion in November.
The second stage of the development, which will involve the southern leg and the connection to a new roundabout on the A96 to link to the new Aberdeen Western Peripheral Route (AWPR), is due for completion by April 2016.
The park and ride site is due to be completed and open to vehicles by August 2016.
(CD/MH)
