The council has bought 35ha of fields and woodland at Thriftwood Farm, Cox Green for £725,000 at auction. The farm was formerly used for horse and greyhound training.
The council says the site, which is around 2 miles from the town centre, will be used to increase the council's overall open space and playing fields. Maidenhead and Windsor have an acknowledged lack of green space per head of population.
Cllr Simon Dudley, leader of the council, said: "I am delighted that we have been able to purchase this land which will be made available to our residents to enjoy.
"It is a fantastic opportunity to add land to council stock as open space and this land is adjacent to the very popular Ockwells Park. We will develop a balanced master plan for the area in conjunction with partners to make the best use of the new asset.
"We want to build a town for everyone and this will provide recreation facilities for the local community. This is great news for Maidenhead."
While residents welcomed the move on social media, many expressed fears the move was only temporary and the land would eventually be used for housing.