British Prime Minister Theresa May has approved more than $615 million to stabilize the structure of Buckingham Palace.
The work will be carried out over the decade between 2017 and 2027.
Tony Johnstone-Burt, Master of the Queen's Household, says the investment is likely to "avert a much more costly and potentially catastrophic building failure in the years to come."
The work will replace ancient cabling and plumbing.
An estimated 100 miles of electrical cabling must be changed along with 30 miles of water pipes and 2500 radiators.
Some 5,000 light fittings and 6,500 electrical sockets have to be replaced.
About 30,000 square metres of floorboards will also be updated.
The decision to allocate funds for Palace repairs could prove controversial as the public sector faces cuts and pay freezes.
Parliament is expected to approve the funds in the coming months.
The Royal family will be able to continue living in the palace but the Queen will have to move out when work begins on her apartments.