The museum, founded in 1970, tells the history of one of the oldest cities in Russia, first mentioned in the chronicles of 1146. Its exhibition includes sections on ethnography, the history of the region before the war and during the Great Patriotic War, as well as the history of the city of Karachev in photographs.

The antiquities of the city are illustrated by numerous archaeological finds, including the recently discovered ruins of a 12th-century temple. The section "Literary Karachev" is dedicated to cultural figures whose names are closely associated with the Karachev region, such as A.S. Pushkin, the parents of M.A. Bulgakov, and the playwright Karpov. The exhibition also features icons and materials about the graduates of the Oryol Seminary. Of particular interest is a hoard of 18th-century coins found in Karachev in 1990.