Dr. Robert M. Good, the president of The School of the Ozarks, (which later became College of the Ozarks in 1990) took an interest in the idea of a museum on campus. Subsequently, he made space available for the display of the items in the basement of Abernathy Hall, a boy's dormitory. When the dorm was later vacated, funds were provided for the conversion of the entire building into a museum. It was first named the Museum of the Ozarks, but later changed to the Good Museum, after the generosity of Dr. Good. Among the early notable exhibits was a large collection of butterflies and a mounted bird collection both of which are still on display today.

Mr. Ralph Foster of Springfield, Missouri, became interested in the museum in the 1960s and donated an extensive collection of Western and Native American artifacts. With Mr. Foster's financial help, a new wing and entrance was added and in 1969, Dr. Good insisted that the name of the museum be changed to the Ralph Foster Museum.

The building was once again enlarged in 1977 and with this addition, a large collection of firearms was donated. The final addition to the museum was competed in 1991, making it a three story building containing 40,000 square feet of exhibit space and includes 20,000 square feet for offices, storage and a research library.

The primary focus of the Ralph Foster Museum today is to collect, preserve, interpret and exhibit items relating to the Ozarks region. One of the more famous exhibits is the original vehicle used in the television series "The Beverly Hillbillies". In addition, visitors will find antiques, weapons, dolls, natural history and other items from around the world.

The museum is located at the College of the Ozarks Campus on Point Lookout, which is only two miles south of Branson, Missouri.