Knockhill Farm owners Linda and Peter Wood are hoping to convert an unused area of land into 19 holiday lodges, at Strathkinness, three miles west of St Andrews.
The farm currently has a bed and breakfast business, which has been running six rooms since 2013.
The couple hope to invest £600.000-£700,000 to create the lodges adjacent to the current BnB, and will hire additional staff to help run it.
The lodges would be made up of two bedroom units, capable of sleeping up to four people.
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In their planning application, the Woods wrote: “The application site is an area of low-quality farmland which was the subject of landfill in the past and is well screened by exiting mature tree planting.
“It is well located to provide access to the tourist attractions in the St Andrews area. It is proposed to develop the area with high quality holiday lodges aimed specifically at the tourist market to take advantage of this and the rural activities available locally.
”Knockhill Farm could become an important tourist attraction within the area of St. Andrews. The proposed investment will have an important economic role in the local area, and it would provide a high-quality tourist destination.”
The application still has to be approved by councillors before any work can begin.