A major cash injection of £130,000 means work can be undertaken to restore the Victoria Embankment Memorial Gardens.
Nottingham City Council bid for the money through the National Lottery Heritage Fund, with match funding coming from the local authority and other partners.
It will be used to create a visitor centre and return the site to its "former glory" after speaking to park users, veteran groups and the friends group about how the gardens and its facilities could be developed.
The first stage of work will be developing the designs and plans, before launching into the delivery of the project.
The money will be used to restore the war memorial, which was unveiled in 1927, as well as the Queen Victoria’s Statue, which dates back to 1903.
Other work includes restoring the pond and fountains, improving paths and access, replanting flower beds, and the creation of a visitor centre and toilets.
There is also a plan to work with veteran groups and employ a park coordinator.
Councillor Dave Trimble, portfolio holder for leisure and culture at the city council, said: "Following the successful use of Lottery funding to develop Highfields Park, I am delighted to see further investment in Nottingham’s open and green spaces.
"Victoria Embankment Memorial Gardens are of great importance and have been an asset to Nottingham for nearly 100 years.
"Last year saw us complete the WW1 Memorial and this additional funding will allow future generations to re-discover the site as a place for contemplation, relaxation and recreation within the local community."
