The first exhibition of the museum was opened on November 3, 1980, and this date is considered its founding day. Initially, the museum was part of the Regional Local History Museum.

The building housing the museum has the status of a cultural heritage site of regional significance.

At the end of 1999, significant changes occurred in the life of the museum and its staff: it ceased to be a branch of the Murmansk Regional Museum and, as of January 10, 2000, became municipal property of the city of Monchegorsk.

Today, the Museum of the History of Monchegorsk includes 5,780 storage units and receives 12,400 visitors annually. Its exhibition area is 164 sq. m, while the storage area is 20 sq. m. The museum employs 8 people.

The museum's exhibitions, such as "Protected Lapland," "City in Beautiful Tundra," "Monchegorsk: Military Period," and "City at the Turn of the Century," provide an opportunity to touch history and glimpse the future.

The museum is equipped with modern multimedia equipment, allowing for high-level lectures and educational programs.

In recent years, the museum staff has published two significant editions: "Monchegorsk, a Weaving of Fates" and "Memorable Places of Monchegorsk."

The museum annually organizes city celebrations, such as "Museum Night" and "Koampal Yyy," which attract many participants.

Several clubs operate at the museum, including the Monchegorsk History Lovers Club and the Collectors Club.