The museum originally opened at the Academy of Natural Sciences on October 2, 1976, in a 2,200-square-foot (200 m2) space, and moved to another location on nearby Cherry Street two years later.

On February 14, 2005, the museum received an 80-year lease for Memorial Hall (in Fairmount Park), the last major building left from the 1876 Centennial Exposition.

[4] The museum's financial projections related to its move to Memorial Hall proved to be over-optimistic and it was forced to declare bankruptcy in 2015.

The awards honor individuals and organizations making outstanding contributions to enriching the lives of children.

The 2009 awards were designed by Philadelphia artist Leo Sewell, creator of Please Touch Museum's own "Artie the Elephant" and the Statue of Liberty Arm & Torch created entirely from discarded toys.