The Museum is currently housed on the first floor of the Waveney District Council Office in Broad Street. It was established by Dr. Hugh Cane, and officially opened by Lilias Rider Haggard, daughter of the writer Sir Henry Rider Haggard, in 1963.
The initial collections consisted of items donated by John Gibbs, clerk of the Waveney District Council, supplemented with material from the Haggard family, and the family of Ethel Mann, the historian of 'Old Bungay'.
Paul Poe has donated a number of archaeological specimens, and Frank Honeywood, the Town Recorder, has provided many photographs, magazines, programmes and pamphlets.
There is also a large collection of coins, including Bungay tokens, memorabilia connected with the family of the diarist John Barber Scott, a display case containing material relating to John Childs, the Bungay printer, Clay's printing-works, paintings, engravings and photographs depicting the town and local events.
In 1984 the Council Offices were renovated and the Museum collections were re-displayed in two larger rooms.
The Museum is currently managed by the Curator, Christopher Reeve, with Ivy Collins, Assistant Curator, and seven Trustees, including representatives of the Town Trust and Town Council.