The museum's mission is to acquire, conserve, investigate, and interpret specimens and collections relating to the natural, artistic, and cultural heritage of Alaska and the Circumpolar North.
Through education, research, and public exhibits, the museum serves the state, national, and international science programs.
In 1924, Charles E. Bunnell, then-president of the university, directed Otto Geist to collect items for display in the museum.
Over time, the collections overflowed the space, and a capital campaign was begun in 1975 to build a new museum.
In September 2020, the museum became the permanent home of Chris McCandless's final resting place, Bus 142, which had been removed from its previous location along the Stampede Trail in June of that year citing safety issues.