Founded in 1916 on the initiative of the journalists, Ricardo Fuente and Antonio Asenjo, this institution holds publications from all over the world until the mid-twentieth century and since 1966, the collection has almost exclusively focused on publications edited in Madrid. It was the first newspaper and periodicals library in Spain and one of the first in the world.

During the Second Republic, the importance of its catalog earned recognition from both within and outside Spain, and grew during the Civil War because of its collection of publications from both warring sides. From the Plaza de la Villa, it was moved in 1983 to the restored Cuartel de Guardias de Corps, designed by Pedro Ribera (1715). Today it houses nearly 250,000 volumes of 25,000 publications. The collection includes pieces of work printed in the 15th century, tales and news items from the 18th century, and newspapers edited at the beginning of this century. It includes many important publications from the 18th and 19th century, the Restoration, and both Republics.

Since 1966, due to space limitations, additions, with a few exceptions, were restricted to publications edited in Madrid, which form the bulk of the collection. Nevertheless, valuable collections from other regions of Spain and Latin America, as well as some European countries, are also represented. Many of the display pieces are rare and precious, and some of them are the only of their kind.