The cash will be spent on expanding Mary Stevens Park’s children’s play area, as well as installing a wheelchair accessible swing and a zipwire.
A sunken trampoline and trim trail will also be installed as part of the cash boost.
A second phase of the improvement – subject to funding – will see more swings installed and new multi-play units.
Work is expected to be carried out over the winter months, with the play area out of action for a few weeks so it can be ready for the spring and summer period next year.
Mark Gadd, chairman of the Friends of Mary Stevens Park, said: "The local community has really banded together to bring this project forward. The volunteers are made up of local people who are parents of or care for young children and they use the park regularly. They really care about meeting the play needs of a wider age range, providing an inclusive play space and listening to the priorities of park users.
"We are thrilled to have secured the funding for the first stage of the play area improvements, and we are hopeful of future fundraising success to enable the completion of all the planned improvements."
Alan Lunt, deputy chief executive at Dudley Council, added: "The play area at Mary Stevens Park is hugely popular with families, who I am sure will welcome this investment to bring in some exciting new equipment for children in the borough."
For the first phase of improvements, £50,000 has come from a successful bid by the Friends group to Enovert Community Trust, while the Friends group has committed £5,000 match funding and made a further successful application through Norton, Pedmore and Stourbridge East and Wollaston and Stourbridge Town community forum.