It has been awarded the money as part of the North York Moors, Coast and Hills LEADER Programme.
The funding will be used to employ a local contractor to undertake a variety of projects to improve the old village and streetscape within the conservation area of Robin Hood's Bay.
Planned projects include replacing concrete flagstones and steps with materials more in keeping with the village, such as reclaimed stone flagstones and cobbles and restoring and repainting benches.
The work was identified by a partnership of Fylingdales Parish Council, the North York Moors National Park Authority and North Yorkshire County Council's Highways department.
The improvement works will be overseen by the North Yorkshire & Cleveland Heritage Coast Project.
A grant of £43,739 to improve Moorsholm Memorial Hall and provide a range of new activities was also given along with £5,070 to restore and maintain Linden Close Wildlife Area in Sleights.
Mike Horrocks, North York Moors, Coast and Hills LEADER programme manager, said:
"I'm delighted that LEADER has been able to help all these projects.
"They represent an excellent example of what can be achieved through partnership working and people pooling ideas and resources for the good of the community.
''In addition, to the funding from LEADER, there is also a considerable amount of match funding being granted from both the public and private sector which is really encouraging."
The North York Moors, Coast and Hills LEADER Programme is a partnership of local organisations, community groups and individuals who have secured £3.1 million in total from Defra and the European Union through Yorkshire Forward and One North East as part of the Rural Development Programme for England.