The company, which didn't announce the monetary value of the modernization effort, said work will focus on the Tactical Tomahawk Weapons Control System, which allows the preparation, control and launch of the missiles.
The TTWCS is one of three prime components of the Tomahawk system.
"Lockheed Martin is a key industry partner and continues to make significant and positive impacts directly supporting the Tomahawk Weapons System and our fleet sailors," said Navy Capt. Joe Mauser, Tomahawk program manager.
"Lockheed Martin remains committed to enhancing the capability of the Tomahawk Weapons System," said Jim Quinn, vice president of C4ISR Systems for Lockheed Martin IS&GS-Defense. "The latest upgrade helps Tomahawk remain a viable weapon system for our warfighters."
Lockheed said that in addition to the TTWCS hardware and software upgrade, it will add processors that improve missile launch times.
The upgrade, as part of an incremental modernization approach will only be installed on Tomahawk systems used by Ticonderoga class cruisers and Arleigh Burke class destroyers.