Instituted in 1932 by Count Guido Chigi Saracini in the splendid medieval palazzo situated in Via di Città, the Academy has the scope of offering specialised courses for the training of young musicians from every country, under the guidance of professors of worldwide fame. The scientific interest of the Academy is to be found in its rich specialised library, in a small but precious collection of musical instruments and a fine collection of works of art and majolica of Faenza, Deruta, Urbino, and S. Quirico.

The Library, which boasts over 70,000 volumes and pamphlets, possesses a rich musical section consisting of precious manuscripts, musical scores, the libretti of operas and musicology texts both antique and modern, as well as a record collection made up of recordings of the concerts held by the Academy.

The Museum annexed to the Academy conserves instead a fine collection of instruments, mainly string instruments. Among the pieces displayed are violins, cellos and double-bass dating from the 17th to the 19th centuries (with pieces fabricated by Amati, Guarnieri, Stradivari), some wind instruments and six precious keyboard instruments (virginals, clavichords and a fortepiano) dating from the 16th to the 19th century.