It was established by Frederick Francis II, Grand Duke of Mecklenburg-Schwerin in 1882 its historicist Haupthaus as the Staatsgalerie next to the Staatstheater.

It is nationally known for its medieval collections, including the Neustädt Altarpiece and its 17th-century Dutch and Flemish collections.

It also holds major collections of Fürstenberg porcelain.

With 90 works, the Staatliches Museum Schwerin owns one of the most significant collections of French-American artist Marcel Duchamp in Europe.

The museum is a member of the Konferenz Nationaler Kultureinrichtungen, a union of more than twenty cultural institutions in the former East Germany.