Museums express their purpose and relationships to the public they seek to serve. Ras Ghimb is one of the regional museums of Ethiopia which is found in Gondar town but has not yet been given the necessary attention and care by concerned government bodies and stakeholders. The aim of this research was investigating the history, management practices and future prospects of Ras Ghimb museum. To address these issues both primary and secondary data were collected through personal field observations, photographing of heritage collections, semi structured interviews and the secondary documents. Interviews were carried out with clergies of the church, members of culture and tourism offices and elders of the surrounding community who were selected based on their knowledge of the Museum. The collected data was analyzed through qualitative methodology which is useful to examine the challenges, the current management practice and also the prospect of Ras Ghimb cultural and historic museum of the town. Owing to this, the result indicated that this museum has contained useful material collections and historical evidence that would be important for future generations in terms of their educational, historical, economical values. It may in particular be relevant to address problems of historic distortion that are being manifested among different bodies or individuals. However, since it is a new museum, it is not well known and studied by different bodies. The management practice is extremely poor and is not well promoted. The awareness of the local community about its importance is low. There are also poor collaborative handling systems of managing the collection or the museum at large. In addition, lack of fund, human resource, absence of community’s role and involvement to promote sustainable development of the heritages of the museum are still the major challenges of the museum. The researcher recommended that Ras Ghimb museum and its valuable heritages are repositories of the country’s identity, history, wealth, and thus trained man power in the area of museum should be appointed. The concerned bodies such as government officials, local communities and other stakeholders should work together to promote the museum, create awareness, develop promotion measures, and offer appropriate training and technical assistances to museum officers. Key Terms: Collection, Exhibition, Museum, Managemen