The museum was founded in 1998 and closed for a while due to the reconstruction; the collections were updated and expanded in 2011. The museum rooms are located on the first floor of the monastery (the Holy Assumption Lavra).
There are seven rooms displaying the exposition which is being constantly updated with the new exhibits, at the same time with the increasing number of rooms.

The first room contains the furniture and personal possessions belonged to Klymentiy and Andrey Sheptytsky; portraits by the representatives of O. Novakivsky painting tradition, icons of student monks and monastery belongings of the pre-war times.

The second room is dedicated to the items from the times when Greek-Catholic church was illegal around the region, and you can see there personal possessions of such historical figures as Vasyl Voronovsky, Hryhoriy Budzinsky, and many more.

The third and fourth rooms display the exhibits dated back to the 17-19th centuries. Some of the most interesting things there are icons like: the Virgin Mary (repainted in the 18th century) with a robe; the Assumption of the Blessed Virgin Mary (made on canvas), Michael the Archangel, the Trinity of the Old Testament and the Sacrifice of Abraham (most are dated around 1605).

The next room of the museum holds fragments of iconostases and altars: in particular, there are the apostles' (middle 18th century) and the prophets' (late 18th century) rows of icons.

There's a separate room dedicated to a collection of the antiminses (altal furnishing in Eastern Christianity) covering the 300-year period of the church history in the region.

One room contains so-called 'home icons' (used in living places). That is also a place for candle stands (17-18th centuries), ceramics (19th century) and carpets (early 20th century) displayed to the public.

One more room is the exhibition 'To the Memory of Yuvenaliy Mokrytsky' opened on the 105th anniversary of the icon painter,who was living and creating his art in the Lavra (some examples of his works are frescos on the walls of the local temple and a copy of the Miraculous Icon of the  Virgin Mary). The walls there (together with a part of the corridor) are decorated with icons and drawings of the monk which the artist made in various parts of the world (Italy, England, Canada, etc) and his personal belongings are put on display together with some other precious items of the same period (like the original and a copy of an antimins).

There's also a room dedicated to the 200th anniversary of Taras Shevchenko (the most famous Ukrainian poet) with the collection of artworks by a local monk (sophisticated papercutting, wooden and stone sculptures).

On the ground floor there's one more room holding the collection of diplomas, certificates and letters of commendation to the monastery. This room is used for holding religious events and temporary exhibitions.