RYDE School is planning to build a new boarding house and sports pitch in the grounds of the school in Queens Road.
The boarding house would accommodate up to 68 pupils alongside a new Astro turf pitch. The building will be near the existing tennis courts.
A spokesperson for the school said: "These extra boarding pupils will contribute to the local economy in terms of weekend spend and transportation, will ensure new employment opportunities at the school and will bring parents and friends from the UK and around the globe to the Island."
The plans have been amended following consultation with local residents, who raised concerns about the building's height, drainage, and the potential for overlooking neighbouring buildings.
The plans for the boarding house are now with the Isle of Wight Council and plans for the sports pitch are due to be submitted in the near future.
Mark Waldron, head of Ryde School, said: "We are very excited about this proposed development of our boarding provision. Boarding is an important part of what Ryde School offers.
"The Isle of Wight is a perfect setting for pupils looking for a healthy, positive environment in which to grow up and be educated and offers an enriching experience for pupils who come to the Island from the rest of the UK and abroad.
"At the same time, our boarders enrich our school and the Island community with their diverse backgrounds and experiences and are a timely and daily reminder of the exciting but competitive world our pupils need to be ready to embrace."