The Herreshoff Manufacturing Company (1878–1945) was most notable for producing sailing yachts, including eight America's Cup defenders, and steam-powered vessels.

The museum, situated near Narragansett Bay on the grounds where the manufacturing company once stood, has a collection of over sixty boats including Nathanael Greene Herreshoff's Clara, built in 1887, Harold Vanderbilt's Trivia, and the 1992 IACC yacht, Defiant.

The museum also hosts symposia related to yacht design and operates a sailing school.

In 1992, founded by Halsey Chase Herreshoff and Edward duMoulin, the museum launched the America's Cup Hall of Fame to honor outstanding individuals of the America's Cup yacht race.

Among other works, the company built Doris (Sailing yacht), which is listed on the U.S. National Register of Historic Places.