The Winter Palace of Bogd Khaan - one of the first museums in Mongolia - was built in 1924. It used to be a winter residence of the last Bogd Khaan of Mongolia, Javzandamba. The palace compound was built between 1893 and 1903, and is well known for its Gate of Peace, Temple and personal library of Bogd Khaan. Among the museum's exhibits are sculptures by Mongolia's first Bogdo Zanabazar, the famous Taras. The museum has 21 invaluable sculptures of Taras. The collections at the Palace Museum numbers over 8,000 exhibits, of these 72 are certified by the State as unique but others are priceless artifacts.
This is the only remaining palace out of four residences where Bogd Khaan, the last Mongolian ruler, resided. This palace now displays the collection of personal belongings of the last Khaan and his wife. The museum offers a wide variety of Buddhist arts.
 The Bogd Khaan Palace Museum comprises of two parts, which are the summer palace with seven temples and pagodas and the winter palace, a two story, white construction built in a European architectural style.
There are mostly ancient statues of gods in the summer palace. Hence every year two great religious rituals are used here and staged to worship the sky and water spirits. There is also a tent decorated with sculptures of birds, animals and horseman.
In the winter palace, built as a project by architects of Tsarist Russia (1893-1903), the Bogd Khaan along with his queen, Dondogdulam Khatan (1874-1923) spent the wintertime for 20 years.
The Palace Museum preserves priceless historical and cultural monuments of the Mongolian State and religion from the 17th to 20th Centuries, together with artifacts created by the foremost masters of that time, Zanabazar in particular, ranging from statues of gods, thangkas, and papier-mache.