The government has published a 10-point plan for securing a lasting legacy from the Olympic Games.
Sports Minister Hugh Robertson said momentum needed to be maintained if the commitment to "inspire a generation" was to be achieved.
Elite sports funding will continue up until 2018, there will be a youth sports strategy and £1.5m invested in disability sport.
Mr Robertson said MPs would be updated quarterly on the delivery of the plan.
Following the success of Team GB and Paralympics GB there has been discussion about the best way to build a legacy for the Games.
Prime Minister David Cameron appointed Lord Coe, who chaired Games organiser Locog, as the UK's Olympics legacy ambassador.
He advises Mr Cameron on the best ways to secure long-term benefits for the UK.
The government has now set out a 10-point legacy plan, which MPs will be kept up to date on.
- £125m per year funding for elite sport over the next four years - up until Rio 2016.
- £300m investment to turn the Olympic site into the Queen Elizabeth Olympic Park, open to the community.
- Bringing 20 major sporting events to UK by 2019, with more bids in progress.
- Sport England's £135m Places People Play legacy programme to fund new facilities, volunteering and participation programmes.
- £1bn investment over the next five years in the Youth Sport Strategy, linking schools with sports clubs and encouraging sporting habits for life.
- Government support for the Join In programme to build on the spirit of volunteering seen at the Games by getting people to volunteer at their local sports club.
- Introduction of the School Games programme sponsored by Sainsburys to boost schools sport and county sport festivals.
- More done to ensure PE in schools is available to all.
- £1.5m funding to the English Federation of Disability Sport to increase participation in sports by disabled people.
- Continue funding for International Inspiration, the UK's international sports development programme, to 2014.
The Sport and Recreation Alliance, an umbrella organisation for sports bodies, welcomed the "clear and transparent plan" but said "structured targets" were needed to measure the achievements from the different programmes.
Andy Reed, chair of the Sport and Recreation Alliance said: "Many of the projects set out in the plan will rely on the support of community sports clubs and they, in turn, rely on volunteers to survive.
"Sports clubs face a range of challenges to their survival and many are struggling to make ends meet. We need to do more to support them to avoid the risk of damaging the infrastructure which will provide this legacy."