The towers were demolished at 11 a.m. on Friday, Harworth Group PLC, the company in charge of the demolition and redevelopment of the site confirmed.
Ironbridge power station was built in 1963 before ceasing electricity generation in 2015, Harworth said.
In 2012, it was converted to run on biomass instead of coal, the Reuters news agency reported.
However, despite the conversion, European Union pollution laws required the plant to cease operation when it reached a certain number of hours of generation, the news agency reported.
The developer hopes to build around 1,000 new homes and community facilities, including a school, on the site.