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Broadcasting House is undergoing a major renovation. It was initially scheduled for completion in 2009/2010, but is now expected to be finished in 2011. As part of a reorganisation of BBC property, Broadcasting House is to become home to BBC News (both television and radio), which will move from the News Centre at Television Centre; national radio; and the BBC World Service, which will move from Bush House.

The main part of this plan involved the demolition of the two post-war extensions to the building in 2005 and the construction of a new building, to be equal in "architectural creativity", besides the existing structure. The design of the new extension was carried out by MacCormac Jamieson Prichard. A separate extension, named the Egton Wing, was completed in 2005 and bears similarities to the shape of the original building. A sculpture commissioned by the BBC has been added to the roof of the building in memory of the journalists who have died while working "in the field".

The original architects have since been sacked and replaced by the BBC for not agreeing to cost-related revisions (Sir Richard MacCormac was unwilling to sacrifice the quality of his design). While the rebuilding process is being undertaken many of the BBC Radio networks have moved to other buildings near Portland Place. The construction work is being carried out by Bovis Lend Lease.

BBC Radio 2 and BBC 6 Music have moved their studios from Broadcasting House to newly built studios in the adjoining Western House.

Queen Elizabeth II visited Broadcasting House on 20 April 2006 as part of her 80th birthday celebrations and to open officially the redeveloped Broadcasting House.

The remaining work now involves refurbishment of the Radio Theatre and other studios around the building.

There is a rumour that a secret platform to the London Underground exists beneath Broadcasting House. The building is situated above the Bakerloo line, which follows the path of Regent Street from Piccadilly Circus to Regent's Park. London Underground deny the rumour, claiming that no records of such a platform exist.