The carmaker is to upgrade its Burnaston factory, where the Auris and the Avensis models and 3,400 people are employed.
The investment will mean the cars can made with Toyota's global manufacturing system to improve competitiveness and make UK supply chains more efficient.
At the same time, the government will provide a further £21.3m for training, research and changes to limit the plant's environmental impact.
Toyota has been based in Britain since 1992, and the Derby plant last year manufactured 180,000 vehicles.
Business and Energy Secretary Greg Clark said:
“Our automotive sector is one of the most productive in the world and Toyota’s decision to invest £240 million upgrading its Burnaston plant is a further boost to the UK auto sector. I also welcome the prospect of investment to take Toyota New Global Architecture into the supply chain.
“Toyota is one of the world’s largest car producers and this inward investment underlines the company’s faith in its employees and will help ensure the plant is well positioned for future Toyota models to be made in the UK.
“As we prepare to leave the EU, this Government is committed through our Industrial Strategy to ensuring the UK remains one of the best places in the world to do business and we are able to help businesses seize on economic opportunities.”
Toyota's move is the latest in a number of investment and job creation pldges by top companies after the Brexit vote.
Vodafone this week revealed it is creating 2,100 customer service jobs, while Costa opened a £38million roastery in Basildon.
Last month, internet heavweight Amazon revealed it would create 5,000 top jobs in Britain, and the month before Danish drugs firm Novo Nordisk announced plans to invest £115million in a new research centre in Oxford.
The UK economy has continued to defy predictions of a downturn following the vote to leave the European Union.
Lasy year was a record year for car production, with 80 per cent of the cars produced being exported to over 160 countries globally.
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