The funding from the World Monuments Fund will "support efforts to restore salvaged artefacts and to promote the future rebuilding of the Canterbury Provincial Government Buildings, helping to ensure that the buildings' heritage lives on for generations to come".
The New Zealand Historic Places Trust says the chamber interior of the buildings are held in "high acclaim" worldwide.
"In a New Zealand context, the Provincial Government Buildings are unique, and to see them in their current state is very sad indeed," said the trust's former southern region general manager Malcolm Duff.
The backing of the World Monuments Fund would raise the landmark's plight at an international level and assist with fundraising initiatives and getting expert assistance, Mr Duff said.
A programme of partial deconstruction is underway to make the buildings safe and to retrieve historic material.
Future options for the building will be considered by the Christchurch City Council, with the Minister of Conservation's sign-off.
The New York-based World Monuments Fund is the leading independent organisation dedicated to saving the world's most treasured places.
Other 2012 watch list projects to receive funding are the Ruta de la Amistad in Mexico City, Mexico; Salvador de Bahia, Brazil; Balaji Ghat in Varanasi, India; the ruins of the former Cathedral of Saint Michael in Coventry, United Kingdom; and the town of Sawara in Japan.