The Academy houses an important museum, reopened in 1986, which contains more than 1,400 paintings, 600 sculptures and 15,000 drawings, as well as an outstanding collection of decorative arts.

The permanent collection includes masterpieces of Spanish, Italian and Flemish art. Goya was a member of the Academy from 1780 onwards, and the Museum holds 13 of his paintings, including two Self-portraits, the Bullfight, the portraits of Moratín, Juan de Villanueva and the actress La Tirana, and the famous carnival scene known as the Burial of the Sardine. Among other works in the Museum’s permanent collection are the Agnus Dei and Mercedarian Friars by Zurbarán; a Mary Magdalene by Ribera, signed in 1636; the only painting by Arcimboldo held in Spain; the Riva degli Schiavoni in Venice, signed by Leandro Bassano; the splendid Knight’s Dream by Pereda; the Old Testament scene of Susannah and the Elders by Rubens; the Marquesa de Llano by Mengs; and the Venus, Mercury and Cupid, painted by Van Loo in 1748. The 19th century in Spanish art is represented by a series of portraits by Vicente López, the magnificent portrait of Manuel Godoy, Prince of the Peace by José de Madrazo or the Portrait of Isabel II by Federico de Madrazo. Other movements, such as the Romanticism of Esquivel, are also represented, as well as other genres, such as the landscape paintings of Haes.

The 20th century is worthy of special attention, since it presents us with the work of modern members of the Academy, thus providing us with a general overview of contemporary art. In this way, all the artistic movements of the 20th century can be followed, from works by Sorolla and Cecilio Plá, the regionalism of Sotomayor, portraits by Vázquez Díaz, and landscapes by Benjamín Palencia and Lozano, through to the modern avant-garde movements.

The Museum also has on display an important collection of casts, such as the Gate of Paradise after Ghiberti, and many sculptures that allows us to follow the development of Spanish sculpture from the 17th century until today, through such extremely fine works as the Saint Bruno by Manuel Pereira or the Mater Dolorosa by Pedro de Mena; the portrait reliefs of Ferdinand VI and his queen Bárbara de Braganza by Gian Domenico Olivieri; the Portrait of Alfonso Clemente de Aróstegui by Felipe de Castro; Philip V on Horseback by Roberto Michel and Philip V on Horseback by Manuel Francisco Álvarez de la Peña; the series on the Massacre of the Innocents produced by José Ginés for Charles IV; the Portrait of Antonio Teixeira Lopes by Mariano Benlliure y Gil; Sensitiva by Miguel Blay; Head of a Woman by Picasso; and Academia by Pablo Gargallo.

The gallery rooms also display fine works purchased through the Guitarte Bequest. These include the Vanitas by Michel Bouillon, executed in 1668; the Self-portrait of Francisco Bayeu; the magnificent Still Life with Lemons by Juan de Zurbarán; the Head of Apollo attributed to Thorwaldsen; the Painter in his Studio by Magnasco; Cubist painting such as the Still Life with Fruit Bowl, Bottle and Newspaper by Juan Gris; and part of the collection of drawings by Picasso from the Suite Vollard.