The new facility will carry out scientific and clinical based research into both the prevention and treatment of cancer, and will also be involved in education.
The incidence of cancer in Ireland is projected to double between 2016 and 2040, with all types of the disease increasing.
It is claimed the new institute will be the first of its kind in Ireland, and will set a new standard for cancer care here.
Based on leading international models, the centre will be located on the St James's Hospital campus in Dublin.
It will be staffed by medical and nursing professionals from the hospital, as well as scientists from Trinity College, and will be paid for by a mixture of public and philanthropic funding.
The institute will not only carry out lab based research but will also use the outcomes of that research to inform the treatment of patients.
Those patients will be scientifically tracked from entry to the institute and the expectation is that each patient will undergo genetic testing, so they can receive personalised care.
The announcement comes at the start of Cancer Week which will see a range of events taking place to encourage a national conversation about the disease.
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