The Museum, which first opened in 1951 and was renovated in 2015, is located within Las Ventas Bullring, specifically in the Patio de Caballos. It is divided into three large rooms: one dedicated to Las Ventas Bullring; the second to bulls, bullfighters, and bullfighting attire; and the third to paintings of bullfighting and the original posters advertising bullfights of 2 May and the bullfighting spectacle known as the Corrida de Beneficencia, created by artists such as Barceló, Arroyo, Úrculo, Pérez Villalta, Manuel Alcorlo, and Alicia Ochoa, among others.

The collection of portraits transports visitors back to different periods in the history of bullfighting, from Pedro Romero to José Miguel Arroyo "Joselito", by way of Joaquín Rodríguez "Costillares", José Delgado "Pepe Hillo", Francisco Montes "Paquiro", Frascuelo and Lagartijo, all pioneers in the art of bullfighting with a muleta cape. The artists whose work is displayed in the collections of paintings and sculptures include Ignacio Zuloaga, Roberto Domingo, Ruano Llopis, Andrés Martínez de León, Eduardo Arroyo, Miquel Barceló, Diego Ramos, Julio Antonio, Mariano Benlliure, Sebastián Miranda, Luis Sanguino, and Pablo Lozano. The complete series of the second edition of etchings known as "La Tauromaquia [The Bullfight] by Goya, are also included in the exhibition.

In the Museum display cases, there is a rich collection of bullfighting attire and capes. Through these costumes and their accessories, you can appreciate the changes that have taken place from the 19th century through to the present day.

Since 2019, the Bullfighting Museum of Las Ventas has been home to a new cultural space, an Immersive Room (the only one of its kind in a Spanish bullring), so that visitors can experience, through images and sounds, the life of the bull out in the field, visiting a livestock farm in Gavira (Cadiz) and even attend a bullfight in Las Ventas.