The museum is located in a unique architectural monument from the mid-17th century, the Church of the Ascension, one of the most beautiful in the Russian North. The temple houses unique 18th-century iconostases. Today, it is home to the Museum of Ancient Russian Art.

The museum features a wide array of artifacts from Ustyug icon painting of the 15th and 17th centuries, works of Stroganov face embroidery, as well as manuscript and early printed books from the libraries of Ustyug monasteries and churches. Among the exhibits, significant works of Ustyug art stand out: the miraculous icon "Mother of God Odigitriya of Smolensk" from around 1558, the carved canopy of the royal gates from the 17th century, the temple icon of the Assumption Cathedral "Assumption of the Mother of God" from 1496, and a white stone cross from 1625 created by master Misail in memory of Saint Procopius the Righteous, as well as the shroud "Placement in the Tomb" from the 15th century and shrouds from the 17th century, gifted by the Stroganovs to Ustyug churches.

The Museum of Ancient Russian Art allows residents and guests of Veliky Ustyug to appreciate the city's significance as a major cultural center of the Russian North and to touch upon the spiritual roots of Russian culture.

Part of the museum has been transformed into an icon painter's workshop, where workshops "In the Icon Painting Workshop" are held for children and adults.