The International Cricket Council (ICC) had previously announced a total fund of $1m (£776,000) for the event, hosted by England and Wales from 24 June.
But that has increased to $2m (£1.5m).
The ICC also announced plans for a blueprint to grow the women's game, including proposals for further parity with men's cricket.
Those plans - which the ICC said show "intent to move towards equality across the game within 15 years" - are to be published in full later this year.
In addition to the scheduled 10 fixtures to be broadcast live on TV, the remaining 21 World Cup matches will be streamed live.
There will be radio commentary on BBC Radio 5 live, while the BBC Sport website will show video highlights.
There was a £155,000 prize fund for the 2013 Women's World Cup. At the most recent men's tournament, in 2015, the overall prize fund was £7.8m.
"We think the Women's World Cup this summer will be a turning point in the history of the game," said ICC chief executive David Richardson.
"There is growing interest globally in women's sports and we want cricket to be front and centre of this and lead by example."
England get their tournament under way on the opening day, when they play India in Derby, with their first warm-up game against Sri Lanka at Chesterfield on 19 June.
Australia are the defending champions, having secured the 2013 title with a 114-run victory over West Indies in Mumbai.
Every match at this year's Women's World Cup will be broadcast live for the first time, with tournament prize money to be doubled.