The grade two listed monument in the market place will be spruced up in February.
The Bentinck Memorial is the central feature of the market place and was erected in 1849 by public subscription in memory of Lord George Bentinck who was the second son of the fourth Duke of Portland, MP for Kings Lynn and a friend of Benjamin Disraeli.
Bentinck, who was born in Welbeck, also led the protectionist party against Sir Robert Peel's repeal of the Corn Laws in 1846 and was a keen racehorse owner until his death at the age of 46.
And now, it will be given a new lease of life, thanks to Mansfield District Council's successful bid for almost £850,000 of Heritage Lottery Fund grants.
As part of the Mansfield Townscape Heritage Project, the funding will be used to improve key buildings across the town centre.
The railings around the memorial will be painted, and the memorial itself will be cleaned.
Business around the town centre are also set to benefit from the grant, with free gutter cleaning being offered in the coming months.
Business owners can also apply for match-funded grants of 75 per cent to help with the costs of improvements.
Businesses that are eligible will be in the Leeming Street, Stockwell Gate and Leeming Street areas.
As well as building improvements, the project will offer work experience to students and volunteers, to learn conservation and restoration skills.