A 12-month stay of execution was announced last night as Lancashire County Council revealed an extra £79,000 had been found to save the much-loved port attraction.
Labour councillors also back-pedalled during their annual budget debate on plans to turn the county's under-threat Meals-On-Wheels into a frozen food service.
Pensioners will now have a choice of frozen or fresh meals after the council axed a £1.3m subsidy and raised prices.
From April, a two-course frozen meal will be £2.50 and a hot meal will go up by £1 to £3.20.
There was no lifeline for nine branch libraries, including Warton, which will now close as part of cuts.
The museum was given another year due to a Government Support Grant received by County Hall.
Fleetwood County Coun Keith Riley said: "I'm sure the people of Fleetwood will be over the moon with the breathing space allowed them to set up a charitable trust to run it in the future."
He added: "I would thank the Friends of Fleetwood Museum along with the media who have kept this item in front of the public and given this high profile. This is a great team effort and I'm very proud."
Coun Chris Cheetam, portfolio holder behind the original closure plan, said: "I'm delighted we've been able to provide the people of Fleetwood, who are seeking to create a trust, with an opportunity to have some more time to develop their proposals."
But he stressed it was only a deferment and hoped there would be "busy discussions" in the coming year to hammer out the museum's long-term future.
Cabinet member and Fleetwood County Coun Clive Grunshaw said there was no question of the museum being mothballed for a year and it would continue to operate as normal.
As well as lifting the axe from above the museum, the council also reinstated £200,000 for the Countryside Service, £112,000 for new library books and £225,000 for family and children services.
tom.halstead@blackpoolgazette.co.uk