The original Corn Palace, called "The Corn Belt Exposition" was established in 1892. Early settlers displayed the fruits of their harvest on the building exterior in order to prove the fertility of South Dakota soil. The third and present building was completed for it first festival at the present location in 1921. The exterior decorations are completely stripped down and new murals are created each year. The murals are designed by local artists, Oscar Howe having been one. New materials are applied to the building with each mural depicting an important facet of the lifestyle of South Dakota. These murals require thousands of bushels of corn, grain, grasses, wild oats, brome grass, blue grass, rye, straw and wheat each year.

The Corn Palace serves as a multi-use center for the community and region. The facility hosts stage shows, as well as sports events in its arena. The World's Only Corn Palace is an outstanding structure which stands as a tribute to the agricultural heritage of South Dakota.