The unveiling of the new application, which has been registered with Wandsworth Council, comes after a year-long consultation process.
The proposal includes the construction of 3,700 homes, office blocks, retail units and restaurants on the 16 ha site by the river Thames.
The historic building will also become home to a conference centre and its four famous chimneys will be restored.
An original plan by developer Treasury Holdings andNew York-based architect Rafael Vinoly had included a futuristic 300m glass funnel and atrium. But the concept was rejected by London mayor Boris Johnson who said nothing on the site should overshadow the famous power station.
The plans will involve a Combined Cooling, Heat and Power plant generating 30MW of electricity. The power station itself will be zero-carbon and the development generally will be low carbon, saving around 65% of CO2 emissions across the entire site.