In 1921, the Central Museum of Tavrida was opened in the former building of the officers' assembly. The first floor housed departments of archaeology and cultural history, while the second floor, since 1922, featured an art gallery. The wing contained a department of the revolution.

In 1937, the museum moved to Pushkin Street, leaving the gallery and the panorama "Storming of Perekop" by N. S. Samokish, dedicated to the defeat of Wrangel in Crimea, in the old building.

During World War II, almost the entire collection was lost during evacuation through Kerch due to a Luftwaffe raid. The occupiers used the building as a storage facility. In December 1943, members of the Simferopol underground Komsomol organization raided the warehouse, seizing weapons and uniforms, which allowed for sabotage operations. During the retreat in April 1944, the building was set on fire.

The gallery resumed operations in 1947, replenishing its collection with paintings from central museums of the USSR. In 1966, it was renamed the Simferopol Art Museum.

The museum's exhibition complex hosts biennials of young Crimean artists and exhibitions from the museum's collections.

The collection of the Central Museum of Tavrida consisted of nationalized works of art, including paintings, sculptures, and antiques, primarily from the former possessions of the Romanov royal family and high-ranking officials of the Russian Empire. The collection of Western European art was considered one of the best in the USSR.

In May 1923, the newspaper "Red Crimea" described the opening of the museum's exhibition, mentioning works by G. Reni, K. Dolci, and a marble bust by Verrocchio. The hall of 18th-19th century art featured Russian artists such as K. Bryullov and I. Aivazovsky.

The collection was supplemented by acquisitions from the Tretyakov Gallery and the Russian Museum. In 1927, it numbered 1,871 exhibits. Documents from 1931 indicate a lack of control over the collections, leading to thefts.

The panorama "Storming of Perekop" was exhibited in the Simferopol art gallery in 1940. In two months, it was visited by 50,000 people.

According to the official version, the museum's exhibition was destroyed by German aviation in 1941. Only 27 paintings survived out of 2,170. There is a version that the exhibits did not leave Crimea, and the act of their destruction was fictitious.

The occupiers exported almost all artistic values from Crimea. The "Ukraine" service was involved in selecting art, and many works were destroyed as "degenerate art."

Larina Kudryashova, the museum director in 2008, noted that the pre-war collection was of greater value than the post-war one.

The occupying forces destroyed the museum building, using it as a warehouse and stable. During the retreat in 1944, they dismantled the heating and set the museum on fire.

After the war, a decree was issued to restore the exhibition. The gallery opened in 1947, replenishing its collection with works by Soviet artists.

Currently, the museum's funds hold about 7,000 works of art. The exhibition consists of pre-revolutionary and Soviet art, as well as a hall of 20th-century art.

The pre-revolutionary section features icons and works by Russian and Ukrainian masters. The Soviet art section displays works by artists such as M. B. Grekov and N. S. Samokish.

In the 1990s, an exhibition "Artists of Ukraine" was created. The exhibition "Crimean Art of the 20th Century" showcases works by Crimean artists.

The most significant exhibits include portraits and landscapes by renowned masters. The most valuable exhibit is A. I. Kuindzhi's work "Night on the Dnieper."

The Aachen collection, consisting of 87 paintings, was taken to the USSR after the war. In 1953, the paintings were transferred from the Yalta Local History Museum to the Simferopol Museum.

In 2007, it was discovered that 70 paintings from the Aachen Museum were in Simferopol. The German version of the discovery surprised Ukrainian experts.

In 2003, Sergey Kot raised the issue of the paintings from the Aachen Museum being in Ukraine. In 2007, Larina Kudryashova conducted research on the collection and prepared it for exhibition.

The museum director allows for a temporary exhibition of Aachen paintings in Germany on the condition of their return.

The museum building had long been in an emergency state. In 2017, emergency repairs and roof repairs were carried out.