In 1986, a project began to transform the former Joseon Government- General building into a museum, with an initial investment of KRW 27.7 billion.

The museum opened on August 21, 1986, with about 7,500 artifacts on display in twenty exhibition rooms. New equipment included special lighting, air conditioners, dehumidifiers, and fire-prevention and anti-theft systems in every gallery and storage room.Some of the new museum’s special exhibitions included “Korean Painting: 1850–1950” (1987), “The Beauty of Korea: Traditional Costumes, Ornaments, and Cloth Wrappings” (1988),

“Buddhist Sculpture of the Three Kingdoms Period”(1990), and “Special Exhibition of the Paintings of Kim Hong-do” (1995). “The Beauty of Korea,” which was held during the 1988 Seoul Olympics, won universal acclaim.During the 1990s, the NMK began a prolific cultural exchange with its overseas counterparts. In 1990, a Korean gallery opened at the Los Angeles County Museum of Art, followed by another at the Victoria and Albert Museum in England. Korean cultural properties have since been displayed in museums throughout the world, including the USA, Japan, France, the UK, Spain, Belgium, and New Zealand.