An affiliate of the Smithsonian Institution, the museum preserves and presents Kentucky history through artifacts, exhibitions, educational programs, Bourbon tastings, and guided tours.

[4][8] When a tornado struck the city during the 1974 Super Outbreak, it destroyed Frazier's home, and a rare Kentucky long rifle that he owned – a family heirloom made for his great-great-grandfather in Bardstown in the 1820s and gifted to him by his grandfather in 1952 – disappeared.

[9] In 2000, the year he stepped down as vice-chairman of Brown-Forman, Frazier loaned his arms collection to the Kentucky History Center in Frankfort for a special exhibit titled The Weapon As Art.

[4][10] On May 25, 2001, The Courier-Journal announced the Frazier Historical Arms Museum, a visitor attraction planned for downtown Louisville that was scheduled to open in fall 2002 or spring 2003.

[10][5] In 2002, a website was launched for the Owsley Brown Frazier Historical Arms Museum, an institution whose stated mission was "to acclaim the artistry, craftsmanship, and technological innovation of weapons and their makers.

[4][15] Combined the collections included guns, cannons, swords, daggers, arrows, and other historical arms and armor sourced from Flanders, France, Germany, Italy, and the United Kingdom, as well as life-size tableaux of mannequins and horse figures depicting battle scenes from European history.

[12] In August 2010, the Frazier unveiled the Bloedner Monument, a limestone marker that is thought to be the nation's oldest surviving Civil War memorial.

[18][19] Acquired as a long-term loan from the National Cemetery Administration, the historic monument honors the soldiers of the U.S. 32nd Indiana Volunteer Regiment who died at the Battle of Rowlett's Station.

[18][19][20] In October 2010, the Frazier introduced a theatrical performance series based on the works of Gothic horror fiction writer Edgar Allan Poe.

[24] In May 2012, a bronze sculpture of a Japanese warrior riding horseback into battle by Douwe Blumberg titled Way of Horse and Bow was gifted to the Frazier by actor William Shatner and his wife Elizabeth.

[27] Lonely Planet named Kentucky Bourbon Country as one of the top 10 U.S. destinations to visit in 2018 and cited the Frazier Museum as a main attraction.

[31] During the course of the program's ten-year run, the Frazier's staff adapted a total of 33 of Poe's works, including poems, short stories, plays, and a novel.

[36] Labeled "the whirling tiger of the air" by The Courier-Journal, the tornado killed an estimated 76 to 120 people and destroyed 766 buildings, one of which was the 9th Street Tobacco Warehouse.

[33][37] Mr. Doerhoefer hired D. X. Murphy and Bros., the architectural firm that two years earlier had designed the iconic Twin Spires atop the grandstand at Churchill Downs, to draw the plans.

[42] The fire completely destroyed the building at 825 West Main Street, leaving a vacant space at what is now the site of the Frazier's vestibule and outdoor park.

In 2018, the Frazier opened the Gateway Garden, a public park situated at 825 West Main between the museum and the neighboring brick structure to its east.

"[50] Southwest of the Great Hall is the Marshall Charitable Foundation Education Center, a classroom where visiting students learn history through hands-on activities.

[59] 4 South contains an expansive, New York-style loft with a wooden dance floor, dimmable track lighting, and brick walls lined with 25 windows with shutters.

[18] Other early model firearms include a variety of rifles and handguns made by Collier, Colt, Winchester, Remington, Smith & Wesson, and Marlin during the 19th century.

[18] Asian and European artifacts include a battle helmet modified for the Gioco del Ponte games in Medieval Italy, a Japanese jingasa, Samurai suits of armor, and Schützenfest targets.

[56] Among the rare and noteworthy books, documents, and artworks on display are the arrest warrant issued for Mary Todd Lincoln, who was declared "insane" in 1875 and institutionalized; the Boone family bible, a first edition copy of Uncle Tom's Cabin, and an oil painting of Geronimo by Elbridge Ayer Burbank, the only artist for whom the Apache resistance leader ever sat.

[13][18][64][65] Other objects in the permanent collection include ammunition, clothes, dolls, furniture, helmets, jewelry, military uniforms, miniatures, musical instruments, photographs, postcards, statues, textiles, tools, and toys.

[56][18] This exhibition commemorates Owsley Brown Frazier, the museum's founder, with a cast of historically significant artifacts, arms, and implements of warfare drawn from the permanent collection.

[69][70][71] As of 2019, the collection consists of about 30,000 figurines, vehicles, and accessories, over 10,000 of which are currently on display, and represents approximately 170 different makers, including Barclay, Courtenay, Heinrichsen, Heyde, Lucotte, Märklin, Mignot, M.I.M., Vertunni, and W.

[50][73][74] This immersive exhibition simulates the Lewis and Clark Expedition, a journey undertaken by the U.S. Army's Corps of Discovery from 1804 to 1806 with the mission of gathering scientific and commercial information about the flora, fauna, and geography of the territory within and northwest of the newly acquired Louisiana Purchase.

West of Ninth: Race, Reckoning, & Reconciliation features artifacts excavated in Corn Island Archaeology's exploration of historic Black neighborhood Beecher Terrace, as well as other objects related to Black history in Louisville and the ongoing protests, alongside selections from the "West of Ninth" blog, originally created by guest curators Walt and Shae Smith, which was used as the basis for the exhibit.

[91] Subjects of performances have included legends of Norse mythology and English folklore, the trial of Joan of Arc, the execution of Anne Boleyn, the Golden Age of Piracy, the reign of Catherine the Great, the Whiskey Rebellion, the Burning of Washington, the Blackburn race riots, the sinking of CSS Alabama, the founding of the Girl Scouts of the USA, and the kidnapping of an Oklahoma oil tycoon by Kathryn and Machine Gun Kelly.