Deputy First Minister John Swinney made the announcement at the Education Buildings Scotland conference in Edinburgh yesterday.
The funding will apply from 2021 when the existing school building programme ends.
The fund will aim to deliver digitally enabled, low-carbon schools and campuses providing benefits to pupils and the local economy.
New investment models to support the scheme will be developed in partnership with local government body Cosla and councils, with decisions on which schools will benefit focused on those in the poorest condition.
It is expected that partnership design and development work will start next year.
Mr Swinney said: “Every pupil should have the best support throughout their education, which includes access to high-quality, up-to-date facilities that parents, staff and children can be proud of.
“This further £1bn investment will build on the progress already made by the existing Schools for the Future Programme and drive further improvements in the learning estate from 2021.
“We have worked closely with local authorities since 2009 and will deliver 117 new school projects benefitting 60,000 pupils by March 2020.”