Organisers of the sporting extravaganza have joined forces with arts agency Creative Scotland and the city’s cultural body, Glasgow Life, to set up the fund.
Artists, organisations and community groups across Scotland will be able to bid for up to £300,000 for a single project.
New, one-off or existing festivals and events are able to bid for cash for “celebrations planned to build momentum and excitement” in the run-up to and during the Games.
Although the bulk of cultural activity will take place between June and August 2014, some projects in 2013 and early 2014 will be supported.
A deadline for applications has been set for 22 February next year.
David Grevemberg, chief executive of Glasgow 2014, said: “We want passion and drama off the field of play to become a defining feature of how we host the Commonwealth Games.”