The numerous works by Francisco Goya, the single most extensively represented artist, as well as by Hieronymus Bosch, El Greco, Peter Paul Rubens, Titian, and Diego Velázquez, are some of the highlights of the collection.

Velázquez and his keen eye and sensibility were also responsible for bringing much of the museum's fine collection of Italian masters to Spain, now one of the largest outside of Italy.

The building that is now the home of the Museo Nacional del Prado was designed in 1785 by architect of the Enlightenment in Spain Juan de Villanueva on the orders of Charles III to house the Natural History Cabinet.

The exceptionally important royal collection, which forms the nucleus of the present-day Museo del Prado, started to increase significantly in the 16th century during the time of Charles V and continued under the succeeding Habsburg and Bourbon monarchs.

These include The Descent from the Cross (van der Weyden) by Rogier van der Weyden, The Garden of Earthly Delights by Hieronymous Bosch, The Nobleman with his Hand on his Chest by El Greco, Death of the Virgin (Mantegna) by Mantegna, The Holy Family, known as "La Perla (painting)", by Raphael, Equestrian Portrait of Charles V by Titian, Christ Washing the Disciples' Feet by Tintoretto, Dürer's Self-portrait at 26, Las Meninas by Velázquez, The Three Graces by Rubens, and The Family of Charles IV by Goya.

[citation needed] In addition to works from the Spanish royal collection, the other holdings increased and enriched the museum with further masterpieces, such as the two Majas by Goya.

Since the creation of the Museo del Prado more than 2,300 paintings have been incorporated into its collection, as well as numerous sculptures, prints, drawings and works of art through bequests, donations and purchases, which account for most of the New Acquisitions.

During the Spanish Civil War, upon the recommendation of the League of Nations, the museum staff removed 353 paintings, 168 drawings and the Dauphin's Treasure and sent the art to Valencia, then later to Girona, and finally to Geneva.

[9] In 1998, the Prado annex in the nearby Casón del Buen Retiro closed for a $10 million two-year overhaul that included three new underground levels.

In November 2016, it was announced that British architect Norman Foster, in a joint project with Carlos Rubio Carvajal, is to renovate the Hall of Realms, which once formed part of the Buen Retiro palace and transform it into a $32 million extension of the Prado.

The museum announced the selection of Foster and Rubio after a jury reviewed the proposals of the eight competition finalists – including David Chipperfield, Rem Koolhaas and Eduardo Souto de Moura –[11] who had already been shortlisted from an initial list of 47 international teams of architects.

The building was initially conceived by José Moñino y Redondo, count of Floridablanca, and was commissioned in 1785 by Charles III for the reurbanización of the Paseo del Prado.

To this end, Charles III called on one of his favorite architects, Juan de Villanueva, author also of the nearby Botanical Garden and the City Hall of Madrid.

[16] In 2001, the conservative government of José María Aznar decided to change the museum's financing platform, ushering in a public-private partnership.

In exchange, the museum gained control of the budget — which was roughly €35 million in 2004 — and the power to raise money from corporate donations and merchandising.

[20] Notable works included: Conversely, for the first time in its 200-year history, the Museo del Prado has toured an exhibition of its renowned collection of Italian masterpieces at the National Gallery of Victoria in Melbourne, Australia, from 16 May 2014 until 31 August 2014.