It includes a new maximum £5 charge at the Sunniside multi-storey and £3.50 at the Civic Centre.
And parking at all council car parks and bays will be free after 3pm five days a week Monday to Friday from Monday 3 August.
The City Council and its partners are determined to support all businesses and encourage more city centre visits for shopping and leisure.
Deputy Leader of Sunderland City Council and Cabinet Member for Environment and Transport, Councillor Michael Mordey said: "There are city centre businesses that have suffered during the Covid-19 lockdown, and we want to give them a boost by making it easier for customers to visit.
"Parking has always been exceptionally good value and competitively priced in our city centre. Now, from this weekend, it is even better value with new daily rates allowing visitors to stay longer without needing to return to their vehicles by a set time. By parking and using the city centre you are supporting businesses and jobs, and helping create a more dynamic and vibrant Sunderland."
The Monday to Friday Free After 3pm applies to more than 2,000 city centre spaces.