In 1955, the museum moved to its current location on Union Avenue near Saratoga Race Course, at which time inductions into the hall of fame began.

The Hall of Fame's nominating committee selects eight to ten candidates from among the four Contemporary categories (colts and horses, fillies and mares, jockey and trainer) to be presented to the voters.

The museum also houses a large collection of art, artifacts, and memorabilia that document the history of horse racing from the eighteenth century to the present.

[2] In 1955, the museum relocated to its current location on Union Avenue, across the street from the main entrance of the historic Saratoga Race Course.

[4] Established in 2013, the Hall of Fame states that the Pillars of the Turf category honors those "who have made extraordinary contributions to Thoroughbred racing in a leadership or pioneering capacity at the highest national level.

These range from paintings of the early days of racing in England by John E. Ferneley Sr. to more contemporary champions by Richard Stone Reeves.

Featured artists include: William Smithson Broadhead, Vaughn Flannery, Sir Alfred J. Munnings, Frederic Remington, Martin Stainforth, George Stubbs, Henry Stull, Edward Troye and Franklin Brooke Voss.