The Bermuda Park and Coventry Arena stations are the first part of a plan to develop the route from Nuneaton to Coventry and Coventry to Leamington Spa.
The investment will give better rail access to jobs, retail, leisure and education across Coventry and Warwickshire while reducing road congestion.
This will be followed by work to construct a new platform at Coventry to increase the frequency of services and a new station at Kenilworth.
Cllr John McNicholas, Coventry City Council lead member for transport, said: "It's taken a while, certainly longer than we had hoped for, but finally the stations will be open and I'm delighted about that.
"Although the station at the Ricoh won't be open directly after match or on major event days until Wasps, Coventry City Football Club or events sponsors charter trains, the new service will still provide lots of advantages for local people."
The Coventry – Nuneaton upgrade is being delivered by Coventry City Council, Centro and Warwickshire County Council.
It is funded by the three partners, the Department for Transport (DfT) and the European Regional Development Fund (ERDF).
Bermuda Park will be the 150th station to join the London Midland network. The station will have 30 free car parking spaces and Coventry Arena will have 80 car parking spaces.