The Temple Circus roundabout close to Temple Meads station will be built over and replaced with a public square and a more direct route into the city.
A city council spokesman said the new square would "give life to the area day and night".
The council has said the plans are part of a wider £21m development across the Temple Quarter Enterprise Zone.
Plans for the revamp involve:
An exhibition of the plans will be held at the Engine Shed from Tuesday, 13 January until Friday, 30 January.
The deadline for the public consultation is 18 February, 2015.
A main route into Bristol is set to undergo a major revamp under proposals put forward by Bristol City Council.