A total of 400 racks are currently being built, providing space for up to 800 bicycles.
The initiative has been jointly funded by the council and Sustrans, who contributed £66,000 as part of its commitment to the city's 20mph scheme.
The local authority has pledged to increase the proportion of its transport budget spent on cycling by 1% each year, with a 9% proposed spend for 2016/17.
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The funding allows various projects designed to encourage take-up of cycling, including the development of segregated cycle lanes, improved cycle safety infrastructure and the city's growing off-road cycle route network.
Cllr Lesley Hinds said: "As a Council we recognise the many health, social and environmental benefits offered by cycling, and as such have committed to increasing our spend on related projects and improvements year on year.
"Part of this is about ensuring it is as accessible and easy as possible to get on your bike – and to park it - so by installing these new cycle racks we hope to encourage more people to opt for two wheels when travelling around Edinburgh."
(LM/MH)
