The money from the Scottish Government agency will be used for re-wilding and biodiversity projects.
There are also plans to carry out habitat restoration, path improvements and tree planting.
Path improvements will be carried out as weather conditions allow before the end of the current financial year and planting will commence in spring.
The work is on top of almost £450k worth of improvements planned by the council.
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Councillor Michael McCormick, convener of environment and regeneration, said: "Investment in the local parts of the regional park has been long overdue and I'm delighted that since we, as a council, took over responsibility of Greenock Cut and Lunderston Bay just last year we've managed to secure substantial funding to enhance what are already jewels in the crown of Inverclyde.
"These sites already attract huge numbers of visitors from near and far so it's important that we maintain and develop them to encourage more people to discover Inverclyde.
"The stunning scenery, wildlife and plant life really does speak for itself at both The Cut and Lunderston Bay and that is complemented by various trails and activities led by our excellent ranger service and I look forward to seeing these fantastic sites being enhanced even further."
Following a reorganisation of Clyde Muirshiel – Scotland's largest regional park – the council took over the reins of the Inverclyde locations of the park and the associated ranger service in 2021.
Improvements worth almost £450k have already been approved for both sites, including a new £195k children's play park at Lunderston Bay.
