Halifax Railway station will be transformed both on the rails and around the station.
The West Yorkshire Combined Authority is planning on investing part of the estimated £150m from the West Yorkshire Plus transport fund on the station, and others in Calderdale, if schemes are approved.
As part of the campaign to get more the electrification of the Calder Valley Line, the authority will look to invest money in providing more frequent journey times with up to six trains per hour, and reduce journey times between Halifax and Leeds, Bradford and Manchester.
Paul Roberts, transport funding portfolio manager, said the idea is to build up the demand for more trains with more people using them so there is a stronger cause for electrification along the line, which would eventually be delivered by Network Rail.
It could also open up the opportunity for more stations along the route.
The aim of the scheme is to make it easier to access employment opportunities (particularly in Manchester, Halifax, Bradford and Leeds) for communities living along the route along the route.
In conjunction with the proposed bypass road around Halifax, a scheme to improve the bus station and make the town centre more pedestrianised will be put forward.
Halifax town centre would benefit from a major rail station upgrade, a bus box and pedestrianised zone creating a gateway to Piece Hall and the town centre.
There will also be a bus priority, including bus gates and mini bus terminus to support bus-rail interchange in Halifax.
Planners have also looked at the possibility of incorporating the 1885 building as part of the development of the train station.
Mr Roberts said it was idea to show people and businesses coming into the area that the town is proud of its heritage and look at ways of using past buildings to build for the future.
Along with Halifax, car parking spaces at other stations, especially in the upper Calder Valley will be looked at with the aim of expanding them.