Brooklands Museum has been awarded £225,000 to help restore the finishing straight to how it looked in 1939 when the circuit was in its heyday.
After restoration, the final stretch will return to use for motoring and aviation activities.
The £7m scheme includes the removal of a World War II hangar on the track.
Brooklands opened in 1907 and went on to make motoring history.
For its first 20 years, the racing circuit was the site of many land speed record attempts.
At the start of World War Two the site was given over to use by Vickers-Armstrongs and Hawker aircraft companies.
The restored Grade II listed Wellington Hangar will become The Brooklands Aircraft Factory, where visitors will see how aircraft from biplanes to Concorde were designed, developed and built.
The racetrack said it still had to raise £370,000 to fund the restoration after an award of £4.7m from the Heritage Lottery Fund last month.
The world's first purpose-built racing circuit has been given a grant by Surrey County Council towards its restoration.