Members of the Stirling Licensing Board voted four to one in favour of the licence for the pub in Spital Street.
The board had been asked to reconsider their original decision to grant the licence in September last year, after Greene King sought a judicial review.
Last month Wetherspoon chairman Tim Martin criticised Greene King for seeking the review in order to stop the proposed pub opening in a disused retail shop in the city centre.
"We would now ask Greene King to respect the decision made by members of Stirling Licensing Board," he said. "This would then allow Wetherspoon to invest more than £1.5m on the new pub and create 50 jobs in the process, which has to be good news for the city.
"Just as important, it would offer people in Stirling more choice in terms of which pub they wished to visit."
Martin had previously said that the actions of Greene King were a throwback to the 1980s when the major brewers tried to stop Wetherspoon and other companies opening up close to their pubs.
Greene King declined to comment.