The Wakaw Heritage Museum is housed in the former Wakaw High School and is located on the corner of 1st Street South and 3rd Avenue in Wakaw.

The Estate of Mr. Emil Schneider donated over 1000 artifacts and memorabilia to the Wakaw Museum in 1980. In 1982 the museum committee met with the Wakaw School Division board to discuss the possibility of acquiring the 3 room elementary school building for museum purposes. The Wakaw Heritage Society was formed and incorporated on December 6, 1982 to administer the museum under the Non-Profit Corporations Act. One condition of the charter is that the executive and directors serve without compensation. Renovations to the museum building commenced in the winter of 1982, and with community assistance, the directors spent the summer setting up most of the artifacts for display. The museum was opened in the afternoon during August 1984. At this time the Diefenbaker Law Office was located across the street. It has since been moved to its current location east of the school building. The Bonne Madone School Room was moved to the grounds and added to the north side of the Museum. The Bonne Madone room is currently available to rent for small gatherings / functions. In 2001 the Town of Wakaw adopted a bylaw appointing the Wakaw Heritage Museum Association.

The Wakaw Heritage Museum is owned by the Town of Wakaw and is managed by the Board of Directors.

The Town of Wakaw continues to own and maintain the building and the Museum Board is responsible for procuring and facilitating all artifact displays, and general upkeep of the museum. Over the years numerous changes have taken place and the museum continues to evolve.

Funds for improvements and operations are provided by the Town of Wakaw, grants, fundraising projects and donations from the community and visitors.