The Museum’s collection have amounted to more than 5,000 artworks so far. In the future, besides reinforcing research prior to acquisition and the continuing building up of the collection lists and defining the range of the collection, TFAM will actively continue in its ongoing effort to introduce works by exceptional Taiwanese artists who have contributed to the development of Taiwan's art.

In addition to the acquisition of art purchased during international exhibitions held by the Museum, we will also actively collect significant works from overseas artists in order to elevate the Museum's status in the international art world.

Missions of annual acquisition are as follows:

1. Works of historical significance by modern and contemporary Taiwanese artists are to be collected to reflect the chronological development of individual artist’s careers.
2. Works representative of each edition of Taipei Biennial or any exhibition curated by or in collaboration with international professionals, which reflect specific contemporary issues or creative genres that meet the Museum's research focuses.
3. Works that have been presented at the Taiwan Pavilion of the Venice Biennale or any topical exhibition curated by TFAM and reflect specific contemporary issues or creative genres that meet the Museum's research focuses.
4. Works by artists who have received the Taipei Art Award, other notable art awards in Taiwan or internationally, or have participated in important exhibitions, are to be collected for the purpose of long term observation of the artist’s creative development.
5. Works by artists who have successfully applied to exhibit work at TFAM are to be collected for the purpose of long term observation of the artist's creative development.
6. Other innovative or forward-looking works related to contemporary issues or art forms.

The Museum has prepared a "TFAM Collection Storehouse and Management Principles" to act as a guide for the storage and management of Museum art works. Apart from using professional personnel and professional methods to preserve the art works, the Museum also uses a cutting edge record-keeping system and digitalized information management to provide an Internet database for visitors and Museum personnel to access and quickly retrieve information about Museum works.

The Museum currently has 5,000 works in 13 categories that have been certified and become part of the Museum's official collection. They are housed in three special storage facilities (for traditional Chinese paintings, for Western paintings, and for sculptures). The temperature and humidity of the rooms is controlled 24 hours (temperatures at 20°C±2°C, and humidity at 50%±3%). An ST-400 electronic measuring instrument records daily changes in temperature and humidity; moreover, infrared security systems and full-time guards are used to protect the Museum works 24 hours a day. The area where works are stored is illuminated with anti-ultraviolet lights. Visitors must submit an application and register before entering the area (Museum personnel excluded). Applications for borrowing Museum works must be submitted in advance and approved by the Museum director. The condition of the borrowed work is then recorded by a Museum inspector, and the work is removed by the Museum treasurer and transferred to the applicant. An inventory check is made biennially, which is checked against the list of Museum property.

Museum works are maintained at peak levels so that city residents and all visitors can enjoy them fully. Maintenance work is performed by maintenance professionals. Museum personnel periodically communicate with the artist or maintenance professionals in order to achieve ideal results. Computer files recording all maintenance work are also kept, and all such work is recorded for future reference.

The Museum's outdoor sculptures are cleaned and washed yearly. The cleaning and maintenance of these sculptures is assigned to experienced and professional companies.