The museum was founded and continues to operate as a place to house the extensive collection of art and other objects collected by Franz Mayer over fifty years of his life. Before his death in 1975, Franz Mayer set up a trust fund with the Bank of Mexico called the Franz Mayer Cultural Trusteeship. However, the museum was not opened until 1986, eleven years after his demise. It was opened in a former monastery and hospital building which was donated to the museum foundation.