The "M.M. Malyshev House Museum" is located in the western part of the city on the right bank of the Kostroma River. The Holy Trinity Ipatiev Monastery is a 10-15 minute walk from the museum.

The two-story mansion in the Ipatiev settlement, built in the late 19th century, belonged to the Kostroma peasant Mikhail Mikhailovich Malyshev. He worked as the supervisor of the "New Kostroma Linen Factory" Society, founded in 1866 by the famous Russian entrepreneurs and patrons, the Tretyakovs. In 1915, Malyshev was awarded the title of personal honorary citizen of the city. He used the house as a rental property, and in 1916, the Consumer Society rented space here.

The old building has preserved documents from the pre-revolutionary period, rare photographs, as well as interior and household items from the late 19th and early 20th centuries. All of this became the foundation for the creation of Kostroma's first private museum, the "M.M. Malyshev House."

The museum offers tours on the history of the house and embroidery workshops. An art gallery also operates within the museum.