The museum was originally built circa 1869 as a passenger station by the Boston, Concord & Montreal Railroad. That railroad merged with the Concord Railroad in 1890 to form the Concord & Montreal Railroad. In 1891 the new railroad moved the station onto a new foundation and remodeled it to its present appearance.

The Concord & Montreal Railroad came under the control of the Boston & Maine Railroad in 1895. Regular passenger service to Ashland continued until October of 1959. In 1960 the B&M RR sold the station to Joseph Curley. His widow, Vera Curley, donated the property to the Ashland Historical Society in 1980.

In 1997- 1998, the building was restored and renovated for use as a railroad museum and a meeting place for the Society under ISTEA, a federal aid transportation program administered by the N.H. Department of Transportation. It was dedicated as a museum on June 26, 1999. The museum is one of the best preserved late 19th century railroad stations in New Hampshire, and houses a growing collection of railroad artifacts, pictures, and documents.

The museum is located on Route 132 (Depot St.) in Ashland village, about a half mile south of the junction of Routes 3 and 132. The museum is open free to the public from 1-4 p.m. on Saturdays in July and August.