The Education Ministry says the money will pay for technology and learning tools such as digital tablets, netbooks, cameras, software and professional development for teachers.
Officials say the focus will continue to be on reading, writing and math, while also placing a new emphasis on skills like critical thinking, communication, collaboration and entrepreneurship.
The government also announced Monday that it is expanding and enhancing the Student Nutrition Program to include 56,000 more children in high needs schools.
The province is making an initial investment of $32 million over the next three years as part of a five-year plan to enhance the Student Nutrition Program.
Under the new plan, 340 new breakfast programs will be established in elementary and secondary schools and on-reserve First Nations schools, beginning in northern Ontario.