Rhondda Cynon Taf County Borough Council is getting £3m from the European Regional Development Fund through the Welsh Government. More than £2m will also come from the Heritage Lottery Fund to help get the project underway, with the council investing £900,000.
Work will shortly start on the detailed technical design for the project, prior to procuring contractors. The restored lido is expected to open in summer 2015.
As part of the scheme, the existing derelict buildings will be renovated and the Lido bathing area remodelled into three heated pools, a main pool, an activities pool, and a semi-circular paddling pool.
The restoration will include new features such as external covered showers, heated changing facilities and a learning and historical interpretation centre, permanently depicting the history of the Lido and the wider park.
Council leader Anthony Christopher said: "We have worked tirelessly to make this a reality and news of the funding offer from the Welsh government is the best we could possibly wish for.
"This project, coupled with the massive regeneration project in the town centre itself along with other public and private sector investment programmes means that Pontypridd is benefiting from the largest cash injection in its history."
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