Synod members voted in favour of the measure last year but today's vote rubber stamps the decision into Church law after making its way through parliament during the Summer.
Speaking after the vote Archbishop of Canterbury Justin Welby said: "It's taken a very long time but the way is now open to select people for the episcopacy.
"To nominate them on the basis simply of our sense that they're called by God to that position and without qualification of their gender."
Asked if he expected a women priest to fill one of the current vacancies in the new year, he replied: "we hope there are some very good people and we hope that some of them at least will find their way onto the bishops' bench".
The first woman bishop could be appointed as early as the new year, as several positions remain vacant including the dioceses of Gloucester, Oxford and Newcastle Southwell and Nottingham.
It means a simple addition of a sentence to Canon 33, which reads: "A man or a woman may be consecrated to the office of bishop."
Path to women bishops
1985: General Synod votes to allow women to become deacons.
1992: General Synod votes to permit women to be ordained in the priesthood.
1994: 1,500 women ordained as priests.
2012: Legislation to allow women as bishops voted down by just six votes at the General Synod.
2014: General Synod gives approval to legislation allowing women bishops.
Bishop of Worcester, Rt Revd John Inge, told Premier it had been a long time coming: "I'm feeling delighted but I think the word finally does have some resonance with me in that it does seem to have taken a very long time.
"So there's a mixture of delight and relief."
Women priests now make up more than a quarter of parish clergy and around half of priests in training.
There are already 23 women archdeacons and six women deans.
The Church of England is expected to come under pressure to reform the process of appointing bishops to the House of Lords as none of the current vacancies offer an automatic to the chamber.
Archbishop of Canterbury, Most Revd Justin Welby:
Premier has been finding out who is hotly tipped to take the first role.