The Milton Keynes Play Association (MKPA) launched the Playboat last week.
It is designed to benefit children and young people living in rural and deprived communities along the canal in the three local authority areas, Milton Keynes, Northamptonshire and Bedfordshire.
The Playboat, which is open to children of all ages at no cost, will moor at different locations throughout the year.
There are three playworkers on board and activities include arts and crafts and music-making, as well as opportunities to learn about wildlife and water safety. Children also have access to the green spaces and woodland that surround the canal towpaths, and can take part in activities similar to that of Forest School sessions.
Space on the Playboat will also be used for training and to host community meetings.
The Playboat has funding from the Big Lottery for five years, after which time the MKPA hopes to make its future sustainable. The plan is for it to be open two days a week - in the daytime during school holidays and after school during term time.
Project officer Nicole Loannoo said, 'The canal is an under-used resource and some children living nearby have never even seen it.
'The Playboat is a great opportunity for children who don't have access to the same resources as children who live in the city.'