Formerly known as the Fung Ping Shan Museum, the University Museum and Art Gallery (UMAG) is the oldest museum in Hong Kong. It was re-named in 1994, and its new wing opened in the University's T. T. Tsui Building in 1996. The Museum curates a wide range of exhibitions, including Chinese and non-Chinese art and exhibitions on Hong Kong history and culture. Its permanent collections consist of Chinese ceramics, bronzes, paintings and calligraphy, and the largest-known collection of Yuan dynasty (1271-1368) "Nestorian crosses", many of which are on display. The Museum actively collects and promotes local artists.

The director and curators of the UMAG play an important role in promoting art education by teaching undergraduate courses and a newly developed MA programme in Museum Studies and by training interns in credit- and non-credit-bearing professional work experiences. The Museum also organizes a wide range of exhibition-related activities and lecture series throughout the year that are open to the public.

Students can also join The University of Hong Kong Museum Society, which organizes many exclusive members-only cultural events to support the interests of the Museum and its friends.

Admission is free. The Museum's opening hours are from 9:30 a.m. to 6:00 p.m., Tuesday through Saturday, and from 1:00 p.m. to 6:00 p.m. on Sundays. The galleries are closed on public and University holidays.