[1] The museum was established and run by the Ilmin Cultural Foundation (일민문화재단), a non-profit organization founded in 1994 in memory of Kim Sang-man [ko] (1910–1994), former president of The Dong-A Ilbo,[2] one of the major newspaper companies of South Korea.

In December 1996, the museum opened as Ilmin Art Hall[1] with 3 exhibition rooms in Dong-a Ilbo's previous location, built in 1926.

[3] The Ilmin Museum of Art is situated at 139 Sejongno (Sejong Avenue) in Jongno District, the center of political, economic, cultural and artistic life of Korea since the Joseon period when Seoul was established as the capital city.

[4] The Ilmin Collection contains over 430 art pieces, consisting of Korean porcelains, paintings and calligraphy from the Goryeo and Joseon dynasty.

The collection currently consists of 200 documentary films and 50 pieces of video art made by South Korean or international artists.

[13] The museum also runs a popular cafe named iMA on the first floor where people can enjoy American style brunch and waffle.