The Heritage Lottery Fund has awarded the funding to Cwm Community Action Group of Betws-y-Coed to help create the Snowdonia Slate Trail.
It comes as Gwynedd council bids to secure World Heritage Site status for the region's slate villages.
The pathway, which will use existing rights of way, will also gather stories about the area's rich history.
The Snowdonia Slate Trail will start at Porth Penrhyn, near Bangor, and pass through a number of villages including Bethesda, Ffestiniog, Penmachno, Capel Curig and Betws-y-Coed.
A Snowdonia National Park Authority spokesman said: "This new route will be of benefit not only to walkers who wish to walk short distances, but also for long distance walkers, encouraging them to stay in the area over several days which in turn will be of great benefit to the local economy."
The total cost of the project is £85,000, and funding has also come from Magnox, Ffestiniog and Bethesda town councils, the Snowdonia National Park Authority's Cae Fund and the community fund in Wales.
The walkway is due to be completed in October 2017.
The creation of a new 85-mile trail through Snowdonia has been boosted by a £53,000 grant.