Cycling infrastructure spending needs to increase five-fold, according to the Transport Select Committee.
The extra funding would improve both actual and perceived road safety for cyclists, the committee said in the new report on cycle safety.
Investment should rise from an estimated £2 per person at present to £10 per person over the next six years, the group of MPs said.
The report into how roads could be made safer for cyclists found complaints of aggressive driving, poorly-designed junctions, and a failure to enforce speed limits.
Committee chairwoman and Labour MP Louise Ellman said: “Transport ministers must demonstrate clear political leadership by championing cycling and the Department for Transport must coordinate action across government on this vital agenda.”
Last year 109 cyclists were killed on roads in England, Scotland and Wales, with more than 3,000 serious injuries.
Ellman said: “Spending on cycling is currently estimated to be just £2 per head. To make the necessary improvements to cycling infrastructure and training, we call for spending to be increased to £10 per head by 2020.
“Investing in cycling will make the roads safer for all users, and encourage more people to cycle and walk.”
But a Department for Transport spokesman said it had more than doubled cycle funding to £374M.
He said: “This money, which with match-funding will top £622M, is helping to deliver safer junctions and roads, improved cycle links, better safety training in schools and more cycle parking.
“We recently announced an extra £130M to support cycle networks in towns and cities across England and Wales and another £15M for improving the integration between rail and cycle journeys.”
A spokeswoman for the Mineral Products Association (MPA) said: “The MPA and its members have been taking significant action on a key recommendation in the House of Commons Transport Committee cycling safety report relating the Heavy Goods Vehicles.
“The MPA has already launched its vulnerable road user safety policy in 2012 setting out driver training and additional vehicle equipment requirements for industry HGVs delivering materials such as aggregates, asphalt, cement and concrete.
“The MPA has also been a leading contributor to, and strongly supports, the new Construction Logistics and Cyclist Safety (CLOCS) standard.”