The National Wool Museum was established in Geelong, Victoria in 1988 as part of the Australian Bicentennial Celebrations. It is housed in the former Dennys, Lascelles Ltd wool store at 26 Moorabool Street, Geelong.
The Geelong Regional Commission was created in 1977, as part of Victorian government regional planning and gave consideration to a centre of excellence to promote the wool industry. Proposals for the National Wool Centre were put forward as early as 1979.
The National Wool Museum was established by the Geelong Regional Commission in 1988 as Australia's only comprehensive museum dedicated to the wool industry at the local, state, national and international level. The Museum is housed in an historic 1872 Dennys Lascelles, bluestone wool store near the port of Geelong. Initially called the National Wool Centre, the premises opened in October 1987 and had an official opening ceremony presided over by HRH Queen Elizabeth on 21 May 1988. The National Wool Museum was opened as a separate entity in December 1988. Initially the museum comprised three galleries with the wool buyers' offices and the Geelong Wool Exchange as part of the complex. The Wool Exchange is now a privately run hospitality venue.