HS2 Woodland Fund will provide seven million new trees and shrubs during the first phase of the railway.
A separate fund has also been set up to help local landowners create new native, broadleaf woodlands and restore existing ancient woodland sites.
The first £1m of the HS2 Woodland Fund will be managed by the Forestry Commission on behalf of HS2 Ltd and will be open to applications in January 2018.
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The Forestry Commission is seeking applications from landowners located up to 25 miles from the phase one route, which includes parts of Greater London, Hertfordshire, Buckinghamshire, Oxfordshire, Northamptonshire, Warwickshire and the wider West Midlands.
Paul Maynard, transport minister, said: “HS2 is more environmentally responsible than any other major infrastructure project in UK history and this fund will mean more trees can be planted and wildlife habitats created, leaving a lasting legacy which will benefit future generations for many years to come.
“HS2 will become the backbone of our national rail network, supporting growth and regeneration and helping us build an economy that works for all.
“Despite being one of the largest construction projects in Europe, we are minimising the effects on the countryside and communities as much as possible.”