The BLF funding, which is over 10 years, was first announced in March 2013 as part of £120m of funding to improve the lives of vulnerable older people.
The centre is a charitable foundation set up to identify factors that improve later life and encourage change in line with that evidence. It is expected to operate for the next 10 years.
The BLF said the £50m grant was an important part of £148m of funding it had given out to support older people, which included a £25m grant to Addaction to run an alcohol-related harm-prevention programme for people aged over 50.
Lord Filkin, chair of the Centre for Ageing Better, said: "The award gives us the chance to build practical evidence about what really works to ensure we all age better. Using robust evidence, we will develop a credible voice for change and be clear about the issues that need to be addressed and the best ways to address them."
Nat Sloane, chair of the Big Lottery Fund England, said that the number of UK residents aged 60 or over was expected to be more than 20 million by 2013, and the BLF wanted to ensure that they could stay active, healthy and happy for longer