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The Museum is governed by the Otago Museum Trust Board with roles, responsibilities and selection of appointing bodies determined by the Otago Museum Trust Board Act 1996 (cite).

The Otago Museum Annual Plan 2018/19 (cite: ) states that over half of the Museum's operational budget comes from "individual donations, commercial activity, corporate sponsorship, targeted government funding, and contracted services." The remainder of funding comes from the four contributing local authorities - the Dunedin City Council [wiki link], the Clutha District Council, the Central Otago District Council and the Waitaki District Council. The calculation of each local authority's contribution is outlined in the Otago Museum Trust Board Act 1996.