The stadium was made possible by a $480 million donation from the family of Patrick and Shirley Ryan.
"This state-of-the-art facility will also serve as a vibrant venue for the Evanston community," said President Michael Schill at the groundbreaking.
The new stadium will have 35,000 seats, smaller than the previous stadium which was nearly 100 years old. It's set to open in 2026.
Northwestern is scheduled to play most of its home games next season at its lakefront soccer and lacrosse facility. A temporary structure with a capacity considerably lower than at the old Ryan Field and the new stadium is being built.
READ MORE: Northwestern set to play football games at new temporary stadium on campus during Ryan Field rebuild
"I can tell you my teammates and I are really excited especially the young guys who might get a chance to play here in a couple of years," said quarterback Jack Lausch.
Evanston Mayor Daniel Biss said the road to approving the stadium was rocky, but the resulting $150 million community benefits agreement strengthened the relationship between the city and the university.
"The city of Evanston and Northwestern University will not be our best selves unless we are working closely together," Biss said.
Officials say the project is expected to produce $208 million in contractors for local-, women- and minority-owned businesses.
"You want to be able to go someplace and know that this was built specifically for your team to win. That's important. It's also important that a stadium like this is inclusive and welcoming," said Pamyla Brown of Central Street Consortium.
The new Ryan Field will not only host the Northwestern Wildcats football team but will also be a space for people to enjoy events year-round.
The Wildcats are scheduled to host Miami (Ohio) on Aug. 31 at the lakefront facility as well as Duke (Sept. 6), Eastern Illinois (Sept. 14), Indiana (Oct. 5) and Wisconsin (Oct. 19). They also have home games at Wrigley Field against Ohio State on Nov. 16 and Illinois on Nov. 30.