Work on Alexandra Park will restore the green space to its former Victorian glory but provide community facilities fit for the 21st Century.
"When Alexandra Park opened to the public in 1870 it was innovative in its use of oval-shaped and curved pathways and the introduction of sporting activities into an ornamental park," said a spokesman for Manchester City Council.
A pavilion will be restored and extended to become a hub of community activity, while a lodge will be also restored to create offices for park staff as well as community spaces.
Councillor Mike Amesbury, executive member for culture and leisure said, "The award is the culmination of years of hard work by the community and the council. Our proposals were shaped by a ‘people’s panel.
"Public support was crucial in the success of the bid. This funding, even more welcome in the current difficult financial climate, will allow us to transform Alexandra Park into one of the region’s finest outdoor spaces."
Sara Hilton, head of Heritage Lottery Fund North West, said: "This project will revitalise a much-loved park, restore important historic elements and provide new facilities for visitors to enjoy."
Paul Benson-Hannam, chair of the Friends of Alexandra Park, said: "This is the result of nearly 10 year’s hard work by the council and friends group. This will make a huge difference to the local area and all the communities that surround it."