Founded in 1982, the Lake Placid Historical Society Depot Museum features exhibits chronicling the history of Lake Placid. It is located in the former Atlantic Coast Line Railroad Depot which was built in 1927. It was placed on the National Register of Historic Places in 1993. The museum displays photographs, documents, household items, antique furniture, scrapbooks, journals, clothing, and many other items related to Lake Placid. On the museum grounds there is a circa 1900 transportable steam sawmill that helped boost the area's timber industry, a caboose built in 1928, and an antique jail built in the 1920s. A railroad mural with sound and lights is also displayed outside.
Passenger service operated until the 1950s but freight service continued until 1975. By 1982, the depot was in bad shape and the company sold it to the historical society for just $1.00.