The Tipton St John Playing Field Association received £45,000 from the National Lottery Community Fund bringing to an end a two-year campaign.
The money will now be spent replacing all the play equipment, fixing fences and installing pavements to make the site more wheelchair accessible.
David Birch, chairman of trustees, said: "This is wonderful news and a brilliant result of two years' planning and fundraising. It is rewarding that our project is recognised to be well worth investing in.
"We thank players of the National Lottery and the People's Postcode Lottery for a making our project possible, and we are so grateful for the support of all other supporters and donors, too many to individually mention, whose donations have enabled us to achieve our goal."
Sutcliffe Play has been selected as the preferred bidder to carry out the project and is working with trustees to finalise the design.
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