St Luke Drawing the Virgin and Child by Dieric Bouts the Elder was bought by the Bowes Museum in County Durham for Â£2,290,650 in July.
It made the purchase after the government put a bar in place to prevent the work leaving the country.
Assistant keeper of fine art Bernadette Petti said it was a "major addition" to the cultural heritage of the region.
"More than 500 years after its production, this painting preserves intact the superb quality of pure and saturated colour nuances that give depth and translucency to the different textures," she said.
The Netherlands painter is considered to be one of the most influential of his time and a pioneer of the oil painting technique.
Bowes Museum said his works were "rare in general and especially in the UK".
The money to buy the painting was raised through the Art Fund, private donors and the Heritage Lottery fund (HLF), which awarded the museum Â£1.99m.
The exhibition runs from 12 November until 8 January.
A "rare and outstanding" 15th Century oil painting saved for the nation after an export bar is to go on display.