The money, from the Centenary Memorials Restoration Fund (CMRF), will go towards the repair and renovation of the 40ft Helensburgh memorial.
The Category A-listed war memorial, designed by architect Alexander Nisbet Paterson, includes a monument, a reflection pool, ironwork gates and resides within a walled garden.
The grant will support work to re-point, repair and clean the stonework on the monument and the surrounding wall along with the corroded bronzework.
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Repairs to the reflection pool will make it watertight while the ironwork on the entrance gates will also be restored.
Councillor Ellen Morton said: "This is a very significant war memorial and we are absolutely delighted that funding has been secured to restore it."
In January 2014, the council received confirmation from the Heritage Lottery Fund (HLF) that the bid for a grant to regenerate the only urban park in Argyll and Bute had received first round approval.
The first round approval included a grant of £169,700 to carry out the development phase of the project.
This involved the ongoing development development of a whole park plan, including proposals for the A-listed monument and memorial gardens.
(LM/CD)
