Located in the historic 1899 Keystone Schoolhouse building, the Keystone Historical Museum preserves and promotes local history. The museum features numerous items on display including mining tools and artifacts, photographs, rock and mineral collections, old rolltop desks, antique furniture, an old organ, and a bathtub once used by President Howard Taft. The second floor still has classrooms that have been left in tact. The school operated until 1988.
It took three years to build the school at a cost of $10,000. It is very well preserved and is a unique example of a rural frame school building from the turn-of-the century period. It is also unusual for its rather large size and the fact that the lumber used to build it was sourced locally. It was built at a time when Keystone was a bustling community of 1,500 residents, complete with two churches, three hotels, and a number of saloons. The building, which is located on a hillside overlooking the town, was listed on the National Register of Historic Places in 1981.