The museum first opened in February 1990, and Ferrari itself assumed direct management in 1995. A substantial new wing was added in October 2004, expanding the total exhibition space to 2,500 square metres. The museum's collection extends beyond cars to include trophies, photographs, and historical objects relating to Italian motor racing more broadly. A recurring theme in the exhibition is technological innovation, particularly developments that migrated from Ferrari's racing programme into road car production. The core exhibits consist of a curated combination of Ferrari road cars and racing machines spanning the marque's history from its earliest competition years to the present.
The museum's location — a short walk from the active factory where Scuderia Ferrari designs and builds its Formula One cars — distinguishes it from conventional automotive collections. Its proximity to the site of production gives exhibits a contextual weight that standalone museums rarely achieve. The factory and museum together form a pilgrimage destination for Ferrari fans worldwide.
One of the museum's most significant temporary exhibitions was Michael 50, which opened on 3 January 2019 to mark Michael Schumacher's 50th birthday. The exhibition was organised in cooperation with the Keep Fighting Foundation, a non-profit organisation established to support Schumacher's charitable work. It offered the most comprehensive public display of Schumacher's Ferrari career to date.
The centrepiece was The Hall of Victories, which assembled the most important Ferrari Formula One cars that Schumacher drove during his eleven years at Scuderia Ferrari, from 1996 to 2006. The cars displayed were the Ferrari F310 from 1996, the F399 from 1999, the F1-2000 from 2000, the F2001 from 2001, the F2002 from 2002, the F2003-GA from 2003, the F2004 from 2004, and the 248 F1 from 2006. These machines collectively represent five consecutive Constructors' Championship titles (2000–2004) and five consecutive Drivers' Championships (2000–2004), the defining run of dominance in early 2000s Formula One.
The exhibition complemented the racing cars with two road cars to whose development Schumacher contributed: the Ferrari 430 Scuderia from 2007 and the Ferrari California from 2008. The black FXX Evoluzione carrying number 30 was not included in the exhibition.
On 1 February 2019, Schumacher's son Mick visited Michael 50 shortly after signing with the Ferrari Driver Academy, marking a symbolic continuity between the Schumacher family and the Maranello team.
Museo Ferrari occupies a singular position in motorsport heritage. Its permanent collection links Ferrari's road car identity to its competition record, while its temporary exhibitions have addressed some of Formula One's most consequential stories. The combination of a working factory visible nearby, historical racing machines, and technical exhibits tracing innovation from track to road makes the museum a living document of Ferrari's dual identity as both a manufacturer and a racing team.