The singer and railway buff, 74, said he was “absolutely devastated” after trains, wagons and tracks were smashed with hammers and stamped on. They included a locomotive unit worth £8,500.
“It took me 23 years to build my model railway so I feel their pain,” said Sir Rod.
The “wanton destruction” by vandals after they broke into a school in Stamford, Lincolnshire, on Saturday, left “grown men in tears” and led to the cancellation of Market Deeping Model Railway Club’s show.
The display had reportedly taken hours to prepare and included exhibits which were the “life’s work” of some members.
Sir Rod, who has built a 100ft model railway at his home in Beverly Hills, urged fellow musicians and enthusiasts to also make a donation to the club.
He said: “I was absolutely devastated to hear that vandals had destroyed what was to be a lovely show over the weekend.
“The collection was priceless and I am donating £10,000 to help compensate those affected.
“I’m also asking fellow enthusiasts Jools Holland, Roger Daltrey and others to do the same.”
Organisers said they had been overwhelmed with offers of support.
A JustGiving page aimed at raising £500 to help “get them back on their feet” has received £60,000 in donations.
Club chairman Peter Davies, 70, a retired teacher, thanked everyone for their generosity. He said: “I heard Sir Rod Stewart is planning to donate. I’m amazed by all of this. It’s wonderful and unbelievably humbling.”
Images taken by the enthusiasts show Stamford Welland Academy looking like a “bomb site”.
Police were alerted at 3.50am and a short while later an alarm at the school was activated.
Officers from Lincolnshire Police and a dog handler from Cambridgeshire Police found four youths hiding in the school. They were arrested on suspicion of burglary and criminal damage and have since been released on conditional bail.
A Lincolnshire Police spokesman said: “On arrival at the school we arrested four youths, who were on the premises, for burglary and criminal damage.
“We are continuing our investigation and confirm damage was done to model railway exhibits which had been set up in the school for a display.”