The Literary and Memorial Museum of I. A. Bunin was opened in Yelets on June 4, 1988, after twenty years of research work. It is known that Bunin lived in Yelets at various addresses, but the museum chose the house where he spent more than three years studying at the Yelets Men's Gymnasium. In 1881, he entered this educational institution but studied there for only five years due to his family's financial difficulties.

The museum carefully preserves unique documents, personal belongings of Bunin, books with his autographs, and translations of his works into various languages. The exhibition is constantly updated with new books, photographs, and documents. The museum staff has prepared an extensive exhibition dedicated to the genealogical tree of the Bunin family, Bunin's years of study, his travels, and meetings.

The museum consists of several halls, each dedicated to a specific theme. The first hall, dedicated to Bunin's childhood years, features plans of the Bunin family estate in Ozerki, a model of the manor, and ancient items found during excavations. The second hall recreates the room of the gymnasium student Vanya Bunin with his personal belongings donated to the museum. The third hall is dedicated to the Bunin family and is styled like a nobleman's living room. The fourth hall displays Bunin's personal items, such as glasses and letters. The fifth hall tells about the writer's contemporaries and contains books about his work. The sixth hall showcases the bourgeois lifestyle of the late 19th century, while the seventh hall is dedicated to Bunin's hobbies, including hunting and travel.

The museum regularly hosts events dedicated to memorable dates, such as the museum's anniversary, International Museum Day, Bunin's birthday, and the Day of the City of Yelets. Experienced guides offer various tours of the museum halls, including a general overview tour and thematic tours.