The museum, previously known as the Minot Art Gallery, was named after Lillian and Coleman Taube.

It later moved to the Ward County Historical Society at the North Dakota State Fairgrounds.

In 1977, the group purchased the Union National Bank Building at 2 North Main Street.

The museum has a gift shop, which sells painting and other artwork created by local and regional artists.

On September 25, 2012, a groundbreaking ceremony was held for Minot Artspace Lofts, which are being constructed across from the Taube Art Museum.