The museum began its work on April 1, 1932. From 1937 to 1987, it was located in a specially equipped building in Kuybyshev Park. During the Great Patriotic War, the museum was temporarily closed. From 1954 to 1957, it held the status of a regional museum, during which its collections were enriched with unique exhibits, the number of staff increased, and the exhibitions became more spectacular. In the 1960s and 1970s, active educational activities were conducted, with exhibitions organized alongside collecting and research work. In 1971, the museum was awarded a certificate from the Soviet Committee of War Veterans. In 1978, it received permission from the Institute of Archaeology of the USSR Academy of Sciences for exploration and archaeological excavations. In the early 1980s, the museum building became unusable, and it was decided to build a new one. During this time, staff gave lectures at enterprises, agitation sites, and pioneer camps.

The new exhibition opened on November 19, 1990. In 1991, a local history conference was held in honor of this event, which became annual. In 1993, the first local history issue of the newspaper 'City' was published. Staff participated in the creation of a book about Balashov titled 'Bright City on a Clean River.' In 2002, the museum was awarded a certificate from the Ministry of Culture of the Saratov Region. Since 2003, collections of materials from local history conferences have been published. In May 2005, the museum was included on the City Honor Board, and in 2006, it received a letter of gratitude from the Ministry of Culture of the Saratov Region. Currently, the museum actively promotes local history knowledge, exhibition, and project activities, attracting new visitors. Staff participate in professional competitions for the best museum worker in the region.

The archaeological collection is an important part of the museum's fund. Among the most interesting exhibits are finds from Mesolithic and Neolithic sites in the areas of the villages of Shapkino and Inyasevo, Bronze Age burial mounds near the village of Trostyanka, Early Iron Age sites near the village of Klyuchi, and a Proto-Slavic burial ground near the villages of Inyasevo and Rasskazan III.

The documentary collection includes reports and documents from the Balashov County Zemstvo Administration, journals of county zemstvo assemblies from the second half of the 19th and early 20th centuries, reflecting the activities of the local zemstvo. Among the unique documents is the diary of the key keeper of the Irininskaya estate of the heirs of V.L. Naryshkin for the year 1912. Documents from the period of the revolution and civil war, materials about the lives and activities of fellow countrymen, heroes of the Great Patriotic War, and prominent figures of Russian science and culture are also presented.

The museum's fund contains a significant collection of photographs from the late 19th to the early 21st century. Notable works by local photographers S. Arons, M. Ivanov, A. Frolov, F. Palyaev, and N. Donkov captured residents of the county town of Balashov from various social classes in the late 19th and early 20th centuries. The collection of zemstvo photographer N.S. Kostikov from 1906 and 1911 includes photographs of agricultural exhibitions and the experimental field of the Naryshkin estate. The museum has authentic photographs of well-known fellow countrymen, thematic shots reflecting the traditions and rituals of local residents, the history of enterprises and institutions, and the nature of Prikhoperie and the Balashov district.

The museum collection includes rare local history publications, such as A. Leopoldov's book 'Statistical Description of Saratov Province' and A. Nikolsky's book 'Economic Description of Balashov County, Saratov Province.'

The ethnographic collection includes Russian and Ukrainian clothing, both women's and men's, festive and everyday, ritual folk and urban, as well as samples of hand-woven fabrics from the late 19th and early 20th centuries. The funds hold a large collection of synthetic silk and nylon fabrics produced at the local Cloak Fabric Combine named after the 50th anniversary of the USSR, now AO 'Baltex,' from 1968 to 2002.

There are also porcelain and faience products from the second half of the 19th and early 20th centuries, made at the factories of M.S. and I.E. Kuznetsov, Gardner, and Krapunov-Novy. Local pottery production is represented by jugs, pitchers, and bowls from the first half of the 20th century.

The decorative and applied arts collection includes artistic metal products from the second half of the 19th and early 20th centuries.

The samovar collection consists of about 60 items, including both charcoal and electric models of Russian and Soviet production from the second half of the 19th and early 20th centuries.

Among the technical exhibits of the museum are a hand-operated printing press from the 19th century, gramophones from the early 20th century, phonographs, radio speakers, radio receivers from the 1940s to the 1970s, various cameras from the 20th century, as well as products from local industrial enterprises, including a mica plant and a tractor trailer factory from the 1960s to the 1990s.