The ss Great Britain has received £362,809 of new funding to help with the ship's conservation work.
The money is coming from a group called ReDiscover, which is jointly maintained by the Millennium Commission, Wellcome Trust and Wolfson Fund.
Repairs to ironwork on the ship and the installation of a dehumidification system will now be carried out.
The ship's trust is trying to raise a further £600,000 to fund a visitors' centre next to its mooring in Bristol.
The ship's director of development, Vanessa Edwards, said: "This grant is vital to conserve the ship's historic hull and halting corrosion to her iron."