It is owned by the Wisconsin Historical Society and operated by the non-profit Circus World Museum Foundation.

The combined entity, Ringling Bros. and Barnum & Bailey Circus, was successful until 2017 when it took its final bow on Sunday, May 21, 2017, in Uniondale, New York.

By this time the popularity of circuses and other live shows was declining in favor of new media, such as television.

After an initial period of organization and fundraising, the museum acquired a large site in Baraboo that included the former wintering grounds of the Ringling Brothers Circus.

The museum also has smaller collections of Wild West shows and carnival materials.

Ringlingville consists of the remaining buildings of the original wintering grounds of the Ringling Brothers Circus, a National Historic Landmark.

The Hippodrome is a permanent big-top that houses the museum's daily circus and magic show performances.

Due to the long distance between Baraboo and Milwaukee, the Circus World Museum's parade was annually hauled by rail over Chicago and Northwestern (C&NW), Milwaukee Road (MR), Wisconsin and Southern (WSOR), Wisconsin Central (WC), and Soo Line (SOO) trackage, and this lasted until 2000.