Lord Mayor Sally Capp said the open-air sheds were built for the market's grand opening in March 1878 and are listed on the National Heritage List and the Victorian Heritage Register.
"The market's historic sheds are central to its character and we need to make sure they are restored to keep them in good condition for future generations," the Lord Mayor said.
"The $11 million restoration project is another milestone in the City of Melbourne's delivery of the $250 million renewal of Queen Victoria Market.
"These works will make sure the market retains its unique atmosphere and showcases its heritage.
"In addition, we have also allocated $1 million this financial year for weather protection and are currently exploring options in consultation with traders."
Chair of the Arts, Culture and Heritage portfolio Councillor Rohan Leppert said preserving the market's heritage was a major focus of the City of Melbourne's renewal.
"This intricate restoration of the market's sheds underlines our commitment to protecting the things that Melburnians love about the market and ensuring its future viability," Cr Leppert said.
"We are the custodians of this unique heritage and that's why we applied for and secured National Heritage Listing of the market."
A heritage builder will begin an initial trial of on-site works to conserve the timber and iron sheds, following receipt of a permit exemption from Heritage Victoria earlier this year.
The trial works will occur in the upper Peel Street end of A and C sheds to preserve the timber posts and beams, structural steel, gable ends and verandahs.
"The works will take place from Monday to Friday and will be closely managed to reduce any impact to traders and customers," the Lord Mayor said.
The trial is expected to take around five months and will help plan for the restoration and enhancement of the remaining open-air sheds. Subject to further approval by Heritage Victoria, these works will be completed in stages starting in 2020.
The restoration of the sheds was a recommendation from the 40 member People's Panel and the 2015 Master Plan.
For more information visit the Queen Victoria Market Precinct Renewal site.