Members heard the sale will allow the owners to improve the area - close to Bo'ness foreshore and the John Muir Way - which is popular with walkers and cyclists.
Some of the land is currently used as a car park for the pub, but owners Giles and Gail Fairholm offered to buy it so they can make changes that include extending the pub and adding to the beer garden.
Mr Fairholm - who also owns his own joinery business - has also offered to build a garage for trishaws belonging to the charity Cycling Without Age, which offers free rides to pensioners and those with mobility problems.
They also plan to put in a toilet box that will be accessible to walkers and cyclists, not just the Corbie Inn's customers.
The Fairholms began discussing their plans with Falkirk Council in 2019, as the business was really taking off, with the numbers of walkers and cyclists using the John Muir Way increasing rapidly.
While the Covid-19 pandemic has decimated trade for the past year, the Corbie Inn has continued to offer home deliveries throughout and while the plans have been delayed they are still keen to go ahead with them.
Members of Falkirk Council's executive approved the sale, with several councillors praising the venue for being well-run and community-minded.
The sale of the 1,884 square metres of land, which has been valued at £10,000, is subject to planning permission being granted.