The theater is located in a historic building in the city center. The director of the theater is Yosyp Merkovych, the main director is Yevhen Himelfarb, Honored Artist of Ukraine (1999). The puppet theater was founded in Odessa in 1932, making it one of the oldest in the country. The institution began its work at the Odessa Theater for Young Spectators. The first head of the institution was a student and associate of Sergei Obraztsov Joseph Aronovich Gimelfarb. Under his leadership, the Odessa Regional Puppet Theater worked for 40 years, gaining recognition among professionals as a professional theater institution; as a playwright Yu. A. Himelfarb left behind dozens of plays, which are still included in the repertoire of many theaters not only in Ukraine but also abroad. Today the institution is very popular with residents of Odessa and guests of the city. Since September 12, 2008, the director of the institution has been Yosyp Merkovych, who in 2009 undertook creative experiments, also under his leadership, in 2012 the facade of the building, the lobby and the auditorium of the theater were finally renovated. From November 8, 2018, according to the order of the Ministry of Culture of Ukraine №968 the theater was granted the status of academic.