The collection was on display at the Alþingishús (the House of Parliament) from 1885 until 1950 when it was transferred to the building of the National Museum of Iceland on Suðurgata in Reykjavík.

There the collection was formally opened to the public in 1951, and in 1961 a law was passed making the museum fully independent.

The main building was erected as a freezing plant in 1916, designed by Icelandic architect Guðjón Samúelsson.

A variety of pieces from the National Gallery's collection are displayed in the first phase of the exhibition Millenium at the Culture House.

The National Gallery's building at Fríkirkjuvegur 7 houses several exhibition halls on three floors, an art store, and a café.