The report, from the British Educational Suppliers Association and the British Council for School Environments, calls for better designs.
And it said pupils should be actively involved in the planning process.
The study said schools in the future would need to have radically different designs.
This included more spaces where children could learn through computer technology and more "social spaces" in schools where pupils could follow independent study in a less formal environment.
Buildings should also allow schools to uphold better environmental standards and to cut emissions.
The report said: "If we do not spend time to consider these core principles, there is a real danger that the benefits of this massive investment will be wasted.
"We will be left with school buildings which are not fit for purpose and may be obsolete even before they are occupied."
