The museum will shed light on the country's controversial role during the Second World War. Romania has long denied any involvement in the Holocaust and only agreed in 2003 to allow experts to investigate the country's role during the war.
The investigation found that 280,000 Romanian Jews and 380,000 Ukrainian Jews died in Romania during the Second World War.
"The history of the Romanian Jews, their contribution to the country's development and the tragedy they experienced during the war, represents a legacy that has been hidden from us for decades," President Klaus Iohannis said during a ceremony on Tuesday, according to AFP.