The regeneration strategy, launched by the London Development Agency and Thames Gateway Development Corporation aims to create between 30,000 and 40,000 new homes and 50,000 new jobs, harness the Valley's unique natural environment.
David Higgins, Chief Executive of the Olympic Delivery Authority (ODA) said at the London 2012 offices: "Leaving a lasting legacy for the Lower Lea Valley in East London is an integral part of our plans for the 2012 Olympic and Paralympic Games.
"It's important to recognise that the London Games are a catalyst for what will be the biggest regeneration project in Europe. We face a big challenge but also a big opportunity one that we want the whole of the region to benefit from."
Sebastian Coe, Chairman of organising committee (LOCOG), said creation of the new Olympic Park would demonstrate the power of the Olympic and Paralympic spirit to transform lives on and off the sporting field.
"The Olympic Park project is the cornerstone of London 2012's visionary social and community regeneration legacy.
"We are not just creating a sports park, we are helping to regenerate a community; we are not just putting in new stadia, we will be putting in utilities that can support a community."
The vision to regenerate the Lower Lea Valley's physically deprived areas into a 'water city' of revitalised canals, waterways and green spaces would serve as a new millennium model for inner city renewal, Coe said.
Department for Communities and Local Government Minister Yvette Cooper, also at the launch said: "This will be a great boost for East London. We have always been clear that the Olympic legacy should be to strengthen the regeneration of the Lower Lea Valley.
"These plans show how it is possible to improve the quality of life in the city - with beautiful parks and green spaces as well as more affordable homes."
16 May 2006