The History and Art Museum complex was founded by Mr. R. Madhavan Nayar (1914-1996), a prominent industrialist and philanthropist. The Museum of Kerala History was created in 1986. By 1990, the Gallery of Contemporary Indian Art, the Gallery of Indian Miniatures and the Visual Arts Centre were established. More recently, exhibition spaces have been set up for shows by current artists, and also a hall which regularly hosts seminars, workshops and intimate music concerts. In 2012, an amphitheatre was created with a seating capacity of about four hundred people; since then, this has been the venue of the annual Museum Fest, a three-day performing arts festival held in November-December. The Madhavan Nayar Foundation is a Charitable Trust and Non-Profit Organisation, and is managed by a Board of Trustees.

Collection: Sculptures, thematic exhibitions selected from own collection, thirty-eight tableaux, paintings, miniatures.