Established in 1989, it consists of a gallery called Listaskáli (since 1970) and another for historic arts (since 1993) with an area of 1,600 m².
The museum is located at the northern end of the Park of Tórshavn nearby the Nordic House in the Faroe Islands.
Architect of the building was J.P. Gregoriussen. The building hosts the artist's association Listafelag Føroya.
The museum is independently managed by a board of four, representing a person of the state government, the artist's association named above, the artist's union and the City council of Tórshavn (one of each).
Listasavn Føroya is closed from December 15th through January 15th each year. It hosts a coffee shop and a book and art store.