The exclusive Tattersall's Club will allow female members for the first time in its 150-year history, following a close vote on Wednesday afternoon.
The motion was carried 1405 votes to 1368, after a month-long debate and a broader push for women to be allowed into the club.
Under the previous rules, women were able to enter the club if their partner or a family member was a member, or if they were attending a function, but they weren't able to be full members.
Tattersall's Club president Stuart Fraser told media outside the club after Wednesday's vote that the club had been seeking a more "family-friendly" atmosphere.
"We welcome the women in our families, the women in our lives, and the women in our communities," Mr Fraser said.
Queensland Premier Annastacia Palaszczuk last month called the club "out of step" with modern Australia by not allowing women to become full members.
On Wednesday Ms Palaszczuk gave her reaction to the Courier-Mail: "History. It's about time."
The debate to allow women to join has been divisive within the club, with some members advocating strongly against the idea.
Twice in the last 12 years Tattersall's members have voted down similar motions.
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