The Stronger Starts fund will offer £5million to youth projects and schools to aid sports, education and nutrition.
Customers can vote for their preferred causes in their local stores, while schools and groups can be nominated for funding on the Tesco website.
Grants will be given to fund community efforts like providing food at school breakfast clubs or equipment for youth sports and fitness sessions.
It comes after research by community charity Groundwork found almost four in five schools are funding food for kids from their budgets.
Dancer Jordan Banjo urged people to nominate their school and “make a massive difference”.
Earlier this summer, the chief executive of Britain’s biggest retailer said that the price of milk, bread, cooking oil and some vegetables is now falling.
But the cost of other food is staying stubbornly high after poor harvests and rising wages and energy bills.
But Mr Murphy hit back at accusations of “greedflation” and said Tesco had “led the way in cutting prices”.