The building that is now the museum was the original railway station, built in 1914 when Valemount did not exist. A town called Swift Creek was about 2 kilometres up the line, which is where the station was originally located. In 1927 the Canadian National Railway moved the station and renamed it Valemount, meaning "Valley in the Mountains." It used to be located by the tracks on Main St., where it was used until 1981.
In 1987 the Valemount Historic Society bought the museum for $1 and relocated it to its present location. It underwent a five-year restoration and opened in 1992 as the Valemount Museum.