The museum was founded in 1964 and opened its doors on February 1 of the same year. It was originally conceived as a historical and local lore museum. Many exhibits were donated by the city's residents: among them are dishes, clothing, documents, and photographs. These items are valuable because they not only reflect history as a whole but are also directly connected to the life of the city, which fully aligns with the museum's mission to showcase the city's development through its residents.

The museum's collection consists of 2,583 exhibits. The museum's halls feature a permanent exhibition that includes ethnographic items, exhibits related to the Great Patriotic War, as well as materials on natural sciences. The entire museum is organized in such a way as to tell the story of the founding of the city of Mednogorsk.