Unveiling the two-phase masterplan which will include rebuilding the Warner, Tavern, Compton and Edrich stands, the MCC said they wanted to ensure the iconic venue remains the "finest ground in the world".
The first phase of redevelopment, expected to cost £90 million, will be completed in time for the 2019 World Cup. The second phase, due for completion by 2024, will see Lord's capacity rise by 2,700 to 32,000.
Lord's has been staging cricket at the current site in north west London since 1814.
"This Masterplan has cricket at its heart," MCC president Mike Griffith said in a statement.
"Every MCC Member cares deeply for our wonderful ground, and we have a duty to ensure any changes made to Lord's reflect the love we have for cricket, its history and its heritage.
"Lord's is the home of cricket and this masterplan will reinforce the special place the ground has within the game by making it even better for every player and spectator who comes here. This is an incredibly exciting day not just for MCC, but for cricket lovers all over the world."
The masterplan, devised by the MCC's Ground Working Party, will also include an extension to the famous pavilion, new entrances and a new "food street" within the grounds.
The museum, which traces the roots of the game and is a popular attraction throughout the year, will also be enlarged.
The MCC, the guardians of cricket's laws, said they would be submitting an application for planning permission for the redevelopment of the Warner Stand by the end of the year.