The castle now houses the Meininger Museum as well as the Max Reger archives, the Thuringian State Archives, the Max Reger music school, the Johannes Brahms concert hall, a restaurant, the tower Cafe, and the ceremonial rooms of the Meinigen City Council and Registry Office.

The palace was constructed by Bernard I, the first Duke of Saxe-Meiningen, between 1682 and 1692 on the site of a late-Gothic castle built in 1511, part (Bibrasbau, after Bishop Lorenz von Bibra) which was incorporated into the north wing of the present building.

Later this was interpreted as referring to the name of the Duke's second wife, Elisabeth Eleonore of Brunswick-Wolfenbüttel, thus giving the palace its current name.

The palace and its court orchestra have been associated with many famous musicians, and particularly with Hans von Bülow, Max Reger, and Johannes Brahms, who was a frequent guest there.

The palace also has a very large court library, which was regularly used by Friedrich Schiller during his stay in the area.