Newsday reports the state will spend $65 million over five years on the project.
Gov. Andrew Cuomo said in a statement that the restoration will help grow the state tourism industry and create about 620 construction jobs.
The famed state park was badly damaged by Sandy. It has 6.5 miles of white-sand beach on the Atlantic Ocean and 2,400 acres of maritime environment.
The project includes restoration of historic structures and the fountain at the Central Mall. The park also will be made more weather-resistant.
According to state data, attendance at Jones Beach dipped to about 2.8 million people in 2013, down from about 3.4 million in 2012.