The museum was founded in 1966 and was originally named "Museum of the Revolutionary I. V. Babushkin," managed by the local school. In 1972, it gained the status of a state institution and is now known as the "Museum of the History of Babushkin." The museum has three main halls. One of them, the exhibition hall, showcases paintings by Irkutsk artist Georgy Ivanov, a collection of Baikal minerals, and skeletons of ancient animals that inhabited these regions.

The second hall, called the historical hall, contains a collection of samovars and a recreated room of the revolutionary Ivan Babushkin. In the center of the hall are a phonograph and gramophones that still work. The third hall, known as the antiquities room, offers visitors a chance to explore old household items and everyday objects. The guides of the I. V. Babushkin Historical and Local Lore Museum also conduct field trips to the city's memorial sites.