In 1921, to commemorate the centenary of the independence of Peru Society of Italian emigrants, headed by Don Gino Salochi donated a lot of money for the organization of the Italian art museum in Lima. The building was commissioned by the Milanese architect Gaetano Moretti, and the choice of exhibits for the museum commissioned art critic Mario Vannini Parenti.

The official presentation of the museum and its collections was held November 11, 1923. The design and decorative elements of the building significantly influence the Italian art of the past: the elements of the architecture of Bramante, reliefs and decorative details inspired by Donatello, Ghiberti, Michelangelo and Botticelli. On the facade there are two giant mosaic paintings depicting the most famous historical figures in Italy.

The museum presents the work of contemporary artists from all regions of Italy. Consultant of the museum - a famous Italian writer, art critic and journalist Hugo Odzhetti purchased almost 200 works to the museum, including sculptures, paintings, prints, drawings and ceramics more than 100 Italian artists. Thus, the Museum of Italian Art of Lima becomes a unique repository of modern Italian art of the XX century, and this despite the absence of a collection of works in the style of avant-garde. In 1989 and 1990, the museum's collection has been enriched more 35th works.

In 1972 the museum was transferred under the control of the National Institute of Culture (since 2010 the Ministry of Culture of Peru). Museum staff are making great efforts to preserve the collection for future generations. All the work done so far work has been possible thanks to the constant collaboration with the Italian Embassy and the invaluable help of patrons of the Museum of Italian art.

It is worth noting that this is the only museum in the country with a collection of more than 200 paintings, sculptures, drawings, prints and ceramics of Italian artists. In 1974, the Museum of Italian Art of Lima was declared a cultural heritage of Peru.