To collect, preserve, display and interpret contemporary and historical works of art thereby advancing appreciation of Australia's cultural heritage on a local, national and international level, and supporting the University of Melbourne as a leading teaching and research institution.

The University Art Gallery staged its first exhibition in 1972. A dedicated gallery was established in the Old Physics Building in 1975. Relocated to the Physics Annexe in 1988, the gallery became the Ian Potter Gallery and Art Conservation Centre. With the opening of its current building in 1998, the gallery became the Ian Potter Museum of Art. The Potter is now considered one of the leading university art museums in the country.

Constituted by statute of the University Council in July 1998, the Ian Potter Museum of Art has custodial responsibility for the university's art collection, as well as participating in teaching and research, exhibiting and publishing and conducting public programs. Through its core activities the Potter provides for the acquisition, maintenance, conservation, cataloguing, exhibition, investigation, interpretation and promotion of the art collections of the University of Melbourne. In partnership with academic departments, the Potter takes part in teaching and research, as well as offering vocational opportunities to students in relevant degree programs.

The opening of the new Potter building in 1998 expanded the public role of the art museum. The Potter is now located on the boundary of the campus, rather than at its centre. Bridging the campus and the wider community, it is a gateway in a physical and conceptual sense. Exhibitions, publications, public forums and consultancies offer research, knowledge, and the pleasures of art to the Melbourne community.

In addition to its exhibition program, the Potter manages the display of over 1,500 items from the University Art Collection in buildings across the campus.

The staff of the Potter contribute to the development of the museums industry and cultural sector on national and international levels through their participation in professional associations and partnerships with key public policy agencies.

In seeking to establish itself as a nationally and internationally acclaimed university art museum, the Ian Potter Museum of Art promotes the key values of the university's strategic and operational plans, contributing to the profile of the university and to the cultural experience of its Parkville campus. These goals are reflected in the Potter's strategic plan, of which the key aims are; to manage the art collections to maximise benefits to the university and the community; to develop research and teaching; and to establish cultural leadership on the campus and beyond.