The building opened in 1928 as Lubbock's depot on the Fort Worth and Denver South Plains Railway, designed by Wyatt C. Hedrick in a Spanish Renaissance Revival style. It handled passengers and freight until 1953, sat as a warehouse, became the Depot Restaurant in 1976 and was the first structure the city council named a Lubbock Historic Landmark, in 1979. In 1996 the city acquired a large collection of Holly's belongings from his estate, bought the depot the next year and opened the center in 1999, folding in the city's fine arts center.
The permanent gallery follows Holly from childhood things through the records and tours: a Fender Stratocaster, the horn-rimmed glasses and belongings recovered after the February 3, 1959 crash in Iowa that killed him at 22 with Ritchie Valens, J. P. Richardson and pilot Roger Peterson. The building also holds the Texas Musician Hall of Fame and the Lubbock Fine Arts Gallery with changing shows.
On September 7, 2013, Holly's birthday, the restored house of Crickets drummer J. I. Allison opened on the grounds. Holly and Allison worked on That'll Be the Day there, and a self-guided visit comes with center admission. Across Crickets Avenue, the Buddy and Maria Elena Holly Plaza holds the West Texas Walk of Fame and is open dawn to dusk.
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