The first Corn Palace, called "The Corn Belt Exposition," was built on Mitchell's Main Street in 1892 and cost $2,976. At that time, about 3,000 people lived in Mitchell.
The Corn Palace originally functioned as a gathering place for Mitchell residents as well as people from surrounding rural areas. It was used for the fall festival, which was originally a harvest celebration. Today, the Corn Palace Festival is held every August.
New buildings for the Corn Palace were constructed in 1905 and 1919. The third building, which is used today, was constructed because the second one was too small. The present Corn Palace was completed in 1921.
In the 1930s, the Corn Palace was redesigned in a Moorish style with kiosks and minarets. The palace is now redesigned every year with themed murals made from corn cobs in a dozen colors or shades.
The Corn Palace attracts about 500,000 tourists annually. It is used for a number of different purposes, including basketball games, dances, meetings, banquets, proms and graduations.