The Studebaker National Museum has its roots in the Studebaker Corporation's private collection, which originated in the 1890s. Studebaker operated its own museum for many years, and by 1920, their collection included Lafayette's and President Lincoln's carriages, the company's last farm wagon, the first automobile built entirely in South Bend, Indiana, as well as a large collection of World War I military vehicles.

The collection continued to grow until Studebaker ceased production in 1966. By that time, the collection numbered 37 vehicles, including the last automobiles produced in South Bend and Canada.

Studebaker donated its collection to the City of South Bend in late 1966. The collection was housed at a number of locations thereafter, including Studebaker's former Administration Building, the Waterworks Maintenance Shop, and the former Drewery's building on South Bend's northwest side.

The Studebaker National Museum's new home opened in October of 2005 at the corner of Thomas and Chapin Streets, adjacent to the Northern Indiana Center for History.