The Green Palace named Sharawpeljeelin monastery, one of the four color royal residences of the 8th Bogd Khaan, is the only royal palace that has survived as a complex in Mongolia. Palace of the 8th Bogd Javzandamba, the last emperor of Mongolia. In 1893-1903, Sharavpeljeelin seven summer prayer mosque and in 1903-1905 two-story Russian-style winter palace were built. In 1926, the Central Committee of the People's Party and the Government established the State Museum Facilitation Bureau, and according to the order, dated April 1, 1926, the historical and cultural properties, Buddhist worship deities and iconic statues, ethnographic artifacts owned by the Bogd Khaan, and the taxidermy collection of stuffed animals were transferred to the museum. As a result, the first modern national museum of Mongolia was founded at the Winter Palace of Bogd Khaan. In 1954, by Resolution 464/46 of the Ministers' Council and the Central Committee of the People's Party, the Central Museum of Mongolia was established and the Bogd Khaan Palace Museum was made a branch of the State Central Museum. In 1961, Bogd Khaan's palace was re-established as an independent museum.

The Bogd Khaan Palace Museum exhibits a wide range of exhibits, including historical, cultural and religious valuable and exceptionally invaluable monuments of art and culture, the history, statehood, secular rule, and Buddhism of the 17th -early 20th century Mongolia, gilded cast statues of Buddhist deities crafted by Öndör Gegeen Zanabazar, the First Bogd Jebtsundamba and by masters and craftsmen in the school of Öndör Gegeen Zanabazar, scroll paintings, thangka paintings, and papier-mâché masterpieces crafted by master craftsmen under the courts of the incarnations of Bugd Jebtsundamba Khutuktu, ceremonial costumes, jewelry and objects used by Bogd Khaan and Queen Dondovdulam, as well as offerings and gifts from foreign and domestic guests. It is the earliest museum in Mongolia, which has a collection of more than 8,600 exhibits and has been operating continuously for many years, with an average of 40,000 domestic and foreign visitors per year. It operates under the Ministry of Culture of Mongolia.