It's been awarded £3.325 million by the Heritage Lottery Fund.
The money will go towards the £11.3 million pound project 'Leicester Cathedral Revealed' that includes restoration work and the creation of a new heritage learning centre.
In a statement on its website, the cathedral says the award will help make it "an important cultural and faith gathering point in the multi-cultural city of Leicester."
It goes on to say that the award will enable the cathedral to undertake development work on a transformative project to renew and restore its fabric and to celebrate the Victorian and Arts & Crafts elements of its long history.
It will also see the creation of a new heritage learning centre and the expansion of its volunteer and learning programme.
The Dean of Leicester, the Very Rev David Monteith, said: "We are delighted the HLF is supporting Leicester Cathedral Revealed. Our Cathedral aspires to be a beating heart to both city and county.
"These funds will help us tell more of the story of our multi-cultural city through the eyes of its principal church and those who have worshipped here across the years.
"In particular, we will be able to uncover and share the narrative of the industrial prosperity of the Victorian era and the beautiful workmanship of the Arts and Crafts movement. We look forward to getting started.
"A further £3m has been earmarked by the HLF and a further application will need to be made within two years to release it."