Around 85,000 16- to 19-year-olds in London were eligible for the weekly allowance of up to £30 per week.
Livingstone said he would raise the cash to fund the scheme by redirecting existing funds from colleges, universities and local authorities.
He said: "I have been deeply struck by the plight of thousands of students I have met at colleges right across the capital, who have had the lifeline that EMA offered snatched away from them by the Conservative party, while the part-time Tory Mayor stood by."
Toni Pearce, further education vice-president of the National Union of Students, said EMA had provided a vital source of support for many students across the country.
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