The Statutory Instrument which enabled the formation of the new body passed through the final legislative process in Parliament earlier this week.
The creation of the CCA is a hugely important step as it will see powers currently held by central government passed to decision makers in Lancashire.
Lancashire County Council, Blackburn with Darwen Council and Blackpool Council have been working together to create the new CCA.
It will give local leaders extra powers to tackle key priorities such as better public transport, boosting economic prosperity and improving employment and skills.
The CCA is also set to address years of historically low investment in the area and provide a platform for accelerated growth.
It will provide a single body for the whole of the county to champion its interests, deliver on local priorities and provide greater local accountability and decision-making powers.
In partnership with business and public service providers, it will give Lancashire a stronger voice on the regional and national stage, ensuring greater benefit from funding and other opportunities.
The first meeting of the new authority will be held at County Hall in Preston on Tuesday March 11.
The board is made up of representatives of the three councils alongside two district council representatives and the chairman of Lancashire's Business Board.
Members of the public will be able attend or watch the meeting on-line.
Councilor Phillippa Williamson, leader of Lancashire County Council, said:
Councillor Phil Riley, Leader of Blackburn with Darwen Council, said:
Councillor Lynn Williams, leader of Blackpool Council, said: