The museum seeks to promote public understanding of prehistory through interpretive exhibits, educational programs, collections, and research.

The Prehistoric Museum was established in 1961 as a cooperative effort by the former College of Eastern Utah and the community of Price.

The museum officially opened to the public on June 3, 1961, on the second floor of the Price Municipal Building in a small converted conference room.

Through these two separate expansions during its 45-year history, the museum has become a 25,000-square-foot (2,300 m2) facility with another 6,000-square-foot (560 m2) repository and paleontology preparation laboratory.

New development in Utah and the renaissance in dinosaur research has resulted in new finds and an increased level of interest in the museum.