It is home to the Liszt Collection, which features several valuable books and manuscripts donated by Franz Liszt upon his death, and the AVISO studio, a collaboration between the governments of Hungary and Japan to provide sound recording equipment and training for students.

It was founded in Liszt's home, and relocated to a three-story Neo-Renaissance building designed by Adolf Láng and built on today's Andrássy Avenue between 1877 and 1879.

That location is referred to as "Old Academy of Music" and commemorated by a 1934 plaque made by Zoltán Farkas.

It was designed by Flóris Korb and Kálmán Giergl at the request of Baron Gyula Wlassics, who was the Minister of Culture at that time.

The inside of the building is decorated with frescoes, Zsolnay ceramics, and several statues (among them that of Béla Bartók and Frédéric Chopin).