The Old West Wax Museum is a museum about the American West frontier and its folk culture. It includes wax figures in scenes, with historical information, maps, photographs, early newspaper stories, and etchings about the figures in the scenes.

Many wax figures and scenes were originally part of the Old West Wax Museum in Jackson, Wyoming, organized by businessman Raymond E. Smith. Figures were built by Kenneth Bunn, Denver, Colorado, noted wildlife sculpture and artist.

In 1997, the wax figures and backdrops were given to the town of Thermopolis by the Raymond Smith family. The Smith family offered the collection to the Wyoming town that proposed the best use for the former museum.

Putting together the new museum complex required more than two years of effort. It involved a consortium of public (town of Thermopolis), private (Big Horn Prospecting Inc.) and nonprofit (Big Horn Basin Education Foundation) groups working together to create the new museum complex.

The size and weight of the settings required a structure built to withstand heavy weight as well as high ceilings. The former Elks Building in downtown Thermopolis was purchased to house the complex. The 23,000-square-foot building has two floors. The Old West Wax Museum is housed on the upper floor. Dancing Bear Folk Center is housed on the lower floor.