The wildfires -- which have burned an area double the size of Maryland -- have killed at least 25 people and destroyed 2,000 homes.
The fires started in September -- months before Australia’s annual wildfire season typically begins -- and have been fueled by drought as the country experiences its hottest and driest year on record.
DiCaprio’s organization, Earth Alliance, was founded last year to combat climate change and biodiversity loss.
The 45-year-old Academy Award-winning actor is the foundation’s co-chair alongside Laurene Powell Jobs and Brian Sheth.
The Australia Wildfire Fund will work with local Australian organizations, including Bush Heritage and Wires Wildlife Rescue to implement “actions on the ground,” according to the fund’s website.
Other celebrities who have donated to help fight the wildfires include Australian actor Chris Hemsworth, Elton John, Nicole Kidman, Pink and Keith Urban.
Hemsworth and John both promised $1 million on social media earlier this week.
Heavy metal band Metallica said it will donate $750,000 to a firefighting agency and emergency services agency in Victoria. Actress Phoebe Waller-Bridge said she would auction off her Golden Globes outfit and have the proceeds go to firefighter relief at the Globes on Sunday.
It’s not only celebrities who are donating.
The Associated Press contributed to this report.