It was opened in May 1988 but the foundation for the institution was laid in 1983 when Dr. Sverrir Magnússon and his wife, Ingibjörg Sigurjónsdóttir donated their house along with a substantial collection of art and books to Hafnarfjörður on the seventy-fifth anniversary of the incorporation of the town.

Access to Hafnarborg is not limited by age and the museum seeks to reach out to wider audiences with various backgrounds.

[6] Dr. Sverrir Magnússon and his wife Ingibjörg Sigurjónsdóttir laid the foundation of Hafnarborg when they donated their house and a considerable collection of 160 paintings.

[8] The museum strives to strengthen and augment the collection with purchases so that it reflects important changes in history of art.

Furthermore, the museum seeks to develop a base for discussion and debates where personal experience can be used as a starting point to interpret and analyze.

[13] Hafnarborg has been an active center for art and cultural events and the museum is a popular venue for musicians and singers and the total number of concerts runs to many hundreds.

[14] The museum holds frequent art workshops and courses for children, guided tours, lectures, openings and a competition to become a curator for the autumn exhibition.