The museum is named because of its architectural resemblance to the Victoria and Albert Museum in London. The cornerstone of the building was erected in 1876 when the Prince of Wales visited Jaipur. Originally used as a city hall in 1880. Later, the King of Jaipur, Maharaja Sawai Madho Singh II, proposed to use it as an industrial museum. The hall was then used to display masterpieces by local artisans. In 1881, the museum was in its best condition, with people from all over the country visiting the museum to buy or enjoy crafts, works of art, and other masterpieces. Later, the museum began exhibiting crafts and ancient works of art, along with masterpieces of emerging artists.