The government will increase its funding of Great Britain’s Olympians and Paralympians by £23.4m annually to £77.4m a year to aid preparation for the Paris Games in 2024.
The money will be provided in addition to National Lottery funds, and athletes hoping to compete at the 2022 Beijing Winter Olympics will also benefit.
Great Britain finished fourth in the table after winning 65 medals at the Tokyo Olympics.
The Paralympics begin on 24 August.
A statement from the Department for Digital, Culture, Media and Sport said funds would also be used to “help kick-start the search for the next generation of Olympic and Paralympic champions”.
Prime Minister Boris Johnson said: “Team GB showed us the very best of this country in Tokyo – demonstrating sportsmanship, hard work and record-breaking performances.
“From the pool to the track to the velodrome, our Olympians gave us so many reasons to be proud, and to celebrate their extraordinary success.
“This increased funding will support Team GB to deliver their best possible performances in three years’ time in Paris.”
Dame Katherine Grainger, chair of UK Sport – the organisation that will receive the funding – said: “This commitment from our government, as well as the incredible support we receive from National Lottery players, gives us greater certainty of delivering more extraordinary moments to reach, inspire and unite the nation in Beijing and Paris, and also sets us up perfectly for the ‘greatest decade’ of sport that we hope to deliver in the years to come.”