Iron ore giants BHP and Rio Tinto have each committed to invest $250 million over 10 years.
Hancock Prospecting (Roy Hill and Atlas Iron) has committed $100 million, while Woodside Energy, Chevron and Mineral Resources have each committed $50 million.
The fund will invest in significant infrastructure projects, and community and social initiatives.
Each partner company will decide on the projects it funds through the initiative, with individual project agreements established for each one.
McGowan said the government was proud of the partnership with the resources sector.
"I am confident that other resources companies across WA will join this worthwhile initiative and look forward to seeing some iconic state projects delivered," he said.
Chamber of Minerals and Energy of WA CEO Rebecca Tomkinson said the resources sector had a proud history of supporting the WA community.
"The sector is committed to providing a better future for all Western Australians and I am confident this initiative will leave a valuable and lasting legacy for generations to come," she said.
BHP asset president WA Iron Ore Brandon Craig said the company had a long and proud history in WA and welcomed the collaborative approach taken by the WA government and the mining industry to strengthen its contribution to the state.
"Over the past 10 years, BHP has contributed more than $4.3 billion in social, community and training programs in Perth, the Pilbara, Port Hedland and the Goldfields, on top of tens of billions of dollars in investment, jobs, royalties and taxes," he said.
"We look forward to furthering our support for long-term social and economic outcomes in the regions where we operate, and for all West Australians."
MinRes managing director Chris Ellison said WA had played a critical role in the success of the company he founded more than 30 years ago.
"As a proud Western Australian company, MinRes is continuing to grow, creating jobs and building projects in this great state," he said.
"It is only natural that we support an initiative that is building a better future for all Western Australians."
