BAE said the facility in Samlesbury, Lancashire, was the biggest single investment in skills for the country's aerospace sector.
It will train all apprentices and graduates in BAE's military aircraft business and provide life-long learning and skills development for 13,000 workers for at least the next 40 years.
The academy will also offer education sessions for five to 14-year-old schoolchildren.
Chris Boardman, managing director of BAE Systems Military Air & Information, said: "The Academy for Skills & Knowledge is the single biggest investment in skills in the aerospace industry and offers an unrivalled modern engineering and manufacturing environment in which BAE Systems can deliver the highest quality training.
"We are committed to playing our part in developing skills for the future, for our business, those in our supply chain and in education. In our experience, well-trained people are both socially mobile and very productive, which in turn generates economic wealth for the UK."
Graham Cowley, chair of the Lancashire Local Enterprise Partnership Growth Deal Management Board, welcomed the news.
He said: "The academy’s completion shows the good progress the LEP is making in developing the Samlesbury Enterprise Zone site as a world-class centre of excellence for aerospace and advanced manufacturing with global inward investment potential.
“Over the next few years, Samlesbury will create thousands of high-value jobs on site and in the wider economy, helping Lancashire reassert its place as the UK’s leading centre for aerospace and advanced manufacturing which will be key to the success of initiatives such as the Northern Powerhouse.”