Plans are to reclad the tiers of Wilton Park Cascade in stone, add coping to the top of the walls and replace a concrete kerb with masonry.
An ornamental metal balustrade will complete the work and the pump will be mended.
The HLF awarded £50,000 to the year-long project run by Kirklees Council and the Friends of Wilton Park to celebrate the centenary of the West Yorkshire park.
Councillor David Sheard said: "This work will create an attraction in the Green Flag park. As an added bonus the cascade will aerate the water in the lake making it a better environment for fish."