In the spring of 1997, the Chapter began working with the Center for Non-Profit Organizations to develop a business plan for the establishment of a railway museum. A five year plan was developed and approved by the members in November, 1997. Also, the Chapter began a partnership with the Central Oklahoma Parking and Transportation Authority (COPTA) for use of the old M-K-T tracks from NE 16th Street to NE 36st Street.

In exchange for keeping the right of way clean and mowed, as well as uncovering the track, the group could use the track for demonstrations of their equipment. During the first year, volunteers donated over 890 hours to clean and restore the right of way which included the Oklahoma City school yard siding where equipment was stored. Thus, the ability to operate demonstration trains started.

With this work underway, a 3-acre piece of property was located along the line. The Chapter had approached the owners in 1997, but they did not want to sell at that time. They were again contacted in early 1999 and were now ready to sell.

In July 1999, the Chapter at last had property they could call home. It was very overgrown with weeds and trees but now the volunteers were working on Chapter property. The seed money from the Union Pacific trips in 1995 financed the purchase along with help from about eight members who made small loans to the Chapter which were paid back in three years. This allowed the Museum to get started with no real debt on the books.

The property was secured with a fence, a parking lot created, restrooms were built, and the master plan for the Museum began to develop. Members raised $50,000 to improve the site, purchase track materials, acquire a 1905 depot, and to make plans to move the engines, freight and passenger cars, and other smaller artifacts to the site. The Chapter at this time changed its name to the Oklahoma Railway Museum, Ltd. (ORM), the Central Oklahoma Chapter of the National Railway Historical Society (NRHS).

Because the Museum had done so well with the COPTA lease, the Museum approached COPTA in early 2002 to renew the lease, adding an addition ½ mile right-of-way south to the Union Pacific railyard and extending it to the north one mile from NE 36st Street to NE 50th Street, which was the end of the track. Once again, based on the professionalism of the members, COPTA agreed to the new lease with the additional right-of-way length. This allowed the Museum to then clear and re-lay over 1600 feet of rail to tie the Museum track to live rail resulting in a length of operation of 3 miles. Over the Christmas-New Year’s holiday season in 2002, with the rail tied in, the AT&L Railroad and the Union Pacific Railroad moved the stored equipment from Watonga to Oklahoma City and onto the Museum’s tracks. The dream was becoming a reality. Without support and cooperation of COPTA, the ORM would not be located where it is today.

Between 2000 and the present, the Museum has grown from one operating locomotive to four with more potentially operable if given some work. The passenger car fleet and cabooses can handle over 350 passengers per train. A 7000 sq ft shop with two track bays was built, and a 1905 Kansas City, Mexico, and Orient Railway Company Depot was restored in 2005. ORM is handling a growing number of passengers annually, from approximately 150 in 2003 to over 38,000 in 2019.

The efforts of the Museum have been and continue to be supported by many people and organizations including; members of the Chapter, former State Senator Dave Herbert, the BNSF Railway, the Union Pacific Railroad, the A-OK Railroad, Farmrail, the Kiamichi Railroad, Bob Hussey Construction, Bags Inc., COPTA, the City of Oklahoma City, and the many visitors who visit the Museum annually.

The Museum is also a member of the Oklahoma City Community Foundation which allows donations to be made and invested on behalf of the Museum. The Museum is a 501 c Non Profit tax exempt Oklahoma Corporation and, as of this time, has no debt: it operates within its budget on an annual basis. The growing membership, of approximately 200 members, has around 50 active members.

Railroad operations are under the Federal Railroad Administration (FRA), and the Museum is a member of the American Alliance of Museums (AAM),  The American Association for State and Local History, (AASLH), the Oklahoma Museum Association (OMA), the Association of Tourist Railroads & Railway Museums (ATRRM), the National Railway Historic Society (NRHS),  Frontier Country Tourism Association, and is an associate member of the Adventure District of Oklahoma City.