The decree to establish the historical and local lore museum in Polyarny was signed on October 30, 1997, and its official opening took place on June 24, 1999, when the first exhibitions were presented. This event was timed to coincide with the celebration of the 100th anniversary of the founding of the city of Polyarny.

The museum is located on Moiseeva Street in a three-story stone building, constructed in the 1930s for the Northern Military Flotilla. This is one of the first substantial buildings in the city.

The main tasks of the museum include the preservation and study of the historical and cultural heritage of the city, architectural monuments, and attractions, as well as conducting scientific research and educational work. The museum also pays attention to the study and protection of the natural environment and ecology of the region.

The main exhibition of the museum is dedicated to the history of Polyarny and the fleet, as the city houses the naval base of the Northern Fleet. The historical exhibition occupies three halls on the second floor of the building, with a total area of 400 m², and includes five thematic sections: flora and fauna of the region, archaeology, the history of the city, the history of the naval base, and World War II, as well as modern Polyarny.

In the summer of 2000, a new outdoor military equipment exhibition was added to the museum.

The museum also hosts temporary exhibitions, organized from both its own collections and those of other museums. The themes of these exhibitions are diverse: from artistic and photographic to craft and industrial, including displays of products from local enterprises and technology.

As of 2003, the permanent exhibitions occupied 351 m², temporary exhibitions 273.6 m², storage 48.5 m², and the park 29.5 hectares. The museum's collections include over 12,000 items, including household items of local residents, materials on the history of the development of the Kola North, and much more. Outdoors, 35 units of military equipment are displayed, such as the T-34 tank and the MiG-31 fighter.

Since 2001, after the start of archaeological excavations in the vicinity of Polyarny, the museum has received finds, such as objects from ritual burials of ancient people.

The museum has a lecture hall, cinema, library, school for young ecologists, and a collectors' club. Guided tours, literary evenings, scientific conferences, and programs for children, such as "Museum Pedagogy," "I Serve in the North," and "My City and the People Who Live in It," are conducted.

The museum actively engages in scientific and educational activities, collaborating with institutions in the Murmansk region, Russia, and the countries of the former USSR. It establishes connections with foreign museums and, with the support of UNESCO, participates in the UN program for sustainable development of coastal areas and island states.