Officially, the Museum was opened in 1904. The Museum exhibit contains a collection from excavations, which belonged to the founders of the Museum and many famous archaeologists of the time. At first, it existed only at the expense of patrons, and in 1909 it was assigned an annual state subsidy.

The Museum exhibit shows the development of society in the territory of Ukraine from ancient times to the present day. Household items of first Trypillya settlements, weapons and armor of ancient Polovtsy, materials of Kievan Rus period, the era of Soviet rule and even a small exhibition of the Orange Revolution are presented among the exhibits.