After almost five hours of debate, the General Synod, the governing body of the Church of England, approved the proposal to allow women to take up senior roles in the Church.
A total of 351 members of the Synod's three different houses voted in favor of the measure, while 72 voted against and 10 abstained.
The measure had the support of Archbishop of Canterbury Justin Welby and Prime Minister David Cameron.
The vote comes more than 20 years after women were first allowed to become priests.
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Speaking in the debate, Archbishop Welby said Church of England bishops were committed to meeting their needs should the legislation be passed.
It contained concessions for those parishes unwilling to serve under a woman bishop - giving them the right to ask for a male alternative and to take disputes to an independent arbitrator.
Deputy Prime Minister Nick Clegg praised Archbishop Welby's "leadership" on securing the Yes vote, adding that it was a "big moment" for the Church of England.
Women bishops could be appointed by the end of this year.
Anglican women bishops have already been ordained in countries including the US and Australia.
The Church of England broke with the Roman Catholic Church in the 16th Century over King Henry VIII's desire to divorce Catherine of Aragon and marry Anne Boleyn.