The equipment, formally opened on Friday (16 October) by Stamford inventor Colin Furze, has cost £45,000, with funding co-ordinated by the local Heights of Play Scheme (HOPS) group through a variety of grants including the National Lottery and local Harry Skells Trust.
Local children can now enjoy a 20-metre zip line, new swings with an inclusive basket swing, monkey bars and climbing frame, slide and five-a-side football goals.
Cllr Dr Peter Moseley, SKDC Cabinet member for Commercial and Operations, attended the launch.
He said: "This scheme fills a play facility gap for the Rutland Heights estate and nearby villages and is a superb example of the great projects our Community Fund helps to get off the ground. It fits with our corporate objectives of making the district clean, green and healthy and also promotes leisure.
"We recently designated two areas on this land as re-wilding sites for nature to take a hold, and local people have already come forward with offers of planting to enhance those further.
"There are plans for a bench to be installed at the top end of the site and it's going to develop into a lovely area with something for all ages."
Heights of Play Scheme fund-raiser Nikki Howson said: "There really was no quality play opportunity for our children before we hit on the idea of creating this facility to give them what they deserved.
"I am absolutely thrilled that we have achieved what we wanted and we are extremely grateful to SKDC for its Community Fund grant. It's made a huge difference.
"Local people have also been really enthusiastic about the re-wilding areas. The reaction has been fantastic with offers to sow seeds, plant bulbs and encourage bee friendly plants to increase the biodiversity."
SKDC has agreed to take over the long-term maintenance of the equipment with annual inspections. HOPS will alert the Council to any issues.