The Walter P. Chrysler Home was built in 1889 by Walter's father Henry, his brother Ed, and Walter himself. Walter lived in the home from 1889 to 1897. During this period, the Kansas Pacific Railway employed Walter as an engine wiper and later as a mechanic. His parents remained in this home until 1913. After decades of neglect, the house fell into disrepair until the early 1950s when the owner of the local Dodge Plymouth dealership rescued it from its state of decay. The Chrysler Corporation later purchased the home and on 27 August 1955, Walter's son Jack presented the deed to the city of Ellis, thus establishing it as a museum and opening the home to public tours. In 1957 the Chrysler Home sustained damage when a devestating flood struck the downtown area of Ellis, depositing several feet of silt and debris. Through the dedication and efforts of many Ellis residents in cleaning and repairing the damage, the home was again opened to the public, keeping Chrysler's memory alive.
On 23 February 1972, the Walter P. Chrysler Boyhood Home was placed on the National Register of Historic Places and in 1994 the museum witnessed an expansion with the addition of an exhibit building located behind the house. This annex houses objects from Chrysler Historical Collection which presents a chronology of Walter's life and his rise to fame as the founder of The Chrysler Corporation.