Brisbane's flood-prone Oxley Creek will be transformed over 20 years into a gigantic waterside "super park", with hiking trails, urban farms and playing fields with some residential blocks and industry zones.

The bold plan, which will cost ratepayers an estimated $100 million over the next 20 years – about $5 million a year – was unveiled on Wednesday by Brisbane Lord Mayor Graham Quirk.

Oxley Common, near the Rocklea Markets which will be included into the expanded Oxley Creek "super park".

The idea will be funded a series of public-private partnerships and comes after almost 10 years of research since an Oxley Creek Management Taskforce was established in 2006.

The idea was first floated at Brisbane's 2009 River Symposium by Anne Clarke of the Oxley Creek Catchment Association.