Professor Charles H. Morgan of the College's Fine Arts Department was responsible for developing the museum's original art collection. He became the museum's first director in 1948, a position which he held for twenty years.

The Mead Art Museum building was constructed in 1948-49 on the site of the Stearns Church (the Stearns Church spire was retained). Construction was financed by gift from William R. Mead (AC 1867) and directed by the college architect, James Kellum Smith, in collaboration with Professor Morgan. Originally the Mead facility served as both a venue for displaying works of art and a teaching facility with offices and studio space.

As the Fine Arts Department evolved, it shifted its curriculum slightly away from the scholarly study of art and towards the creation of art in the studio. As early as the 1970s Mead's studio facilities became obsolete. In 1985 the college planned a major renovation and extension of the museum, but these plans were postponed; the Arts department relied instead on the use of the Fayerweather building for studio space. Finally, in 1999, when it was apparent that Mead's facilities were inadequate to even preserve its existing collection, the College began an ambitious renovation project. The interior of the building was completely gutted, offices and studios made way for display and storage space, and state-of-the-art climate control and security systems were installed to protect the collection. The museum reopened in March 2001.