The major donation will go into a fire fund from his non-profit organisation Minderoo Foundation.
The $70 million fund is "designed to not only respond to the ongoing crisis and rebuild communities, but to establish long-term resilience by funding research into and applying new techniques in fire and disaster relief," the Foundation said in a statement.
"Through the smoke there will be hope."
Ten million dollars will be allocated to restoring essential infrastructure, hubs and community assets in areas ravaged by bushfires.
The fund will also bring leading experts together to develop a "globally relevant national blueprint for fire and disaster relief".
"With incredible courage and determination, Australians have united to help those devastated by these bushfires," Mr Forrest said in Perth this morning.
"We recognise that we don't have all the answers, but we want to understand what communities need and do our bit to help them."
One of Australia's richest people, Andrew "Twiggy" Forrest made his fortune as the boss of Fortescue Metals.
He has since become perhaps Australia's most prominent philanthropist, dedicating millions towards addressing indigenous disadvantage and ending modern slavery.
His estimated wealth is about $13 billion.
Source: 9News https://www.9news.com.au/national/andrew-forrest-twiggy-donates-70m-for-bushfire-fund/b573ebd6-3cad-44e1-a367-e3f7a542abc3