The sale has been completed of Langel Common to West Oxfordshire District Council and local residents group Protect Our Meadow.
The land, which was owned by Eton College, had been put into public auction.
The council came together with the Protect our Meadow residents fundraising group to generate the funds and their offer was accepted and the land withdrawn from auction.
Langel Common and the newly purchased land is meadowland between Cogges and Witney with St Mary’s Church and Cogges Manor Farm alongside it.
As well as providing a footpath to the town centre from the east, it contains a Second World War Norcon pillbox.
WODC cabinet member for planning and sustainable development Carl Rylett said: “Langel Common is an important area of land in Witney, which is home to the River Windrush, a historic visitor attraction and a local primary school.
"The common provides space where residents can enjoy walking and relaxing while being in the heart of the town and within walking distance of local shops and places of interest.
”We know that having access to green space in towns is good for our residents’ wellbeing, and the purchase ensures that it will remain accessible for our residents.
"The Council and local community were able to come together to generate the funds, to protect the meadow for generations to come."
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