The investment is part of the rail company's nationwide Railway Upgrade Plan.
Network Rail will contribute £229m towards the scheme, while the Liverpool City Region will provide £111m.
Features of the three-year programme include:
• Building new and longer platforms at Liverpool Lime Street station to accommodate more services and longer trains.
• Renewing tracks on the underground loop on the Merseyrail network
• Adding additional track between Huyton and Roby to allow faster trains to overtake local services.
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• Building a new station at Maghull North and revamping Newton-le-Willows station.
• Installing a new section of railway to enable frequent new services between Liverpool and Chester, with ambitions of extending these into North Wales.
Martin Frobisher, route MD for Network Rail, said the project is in response to a forecasted 100% increase in demand for rail travel across the LCR.
"Our aim over the next three years is to give the people of Liverpool the high-quality rail services they deserve," he said.
Joe Anderson, Mayor of Liverpool, and Chair of the LCR Combined Authority, added: "It's a welcome sign of our success and growing economy, with more jobs and businesses, that there is more demand for train services to travel both around the city region and beyond.
"This investment will mean real improvements for people in every corner of the city region, while we continue to lobby hard for the big transformational investments like HS2 and HS3."
(LM)
