This article discusses historical and architectural features of the Palace of Trade Industry and Craft. It also includes a short survey of the establishment and the activity of this institution. The attention is focused on the history of the building of the Palace of Trade Industry and Craft located in K. Donelaitis street. Using various illustrations and documentation, future construction sites, building projects, construction work, and the attitude of the society of that time to the erection of this palace are discussed. The article also presents a detailed architectural-artistic analysis of the facade and the interior. The author of the building was an architect V. Landsbergis-Žemkalnis, frescoes were painted by P. Kalpokas, stained glass was created by the founder of the Lithuanian school of modern stained glass St. Ušinskas, two large bronze vases and a decorative statue „Pramonė" (Industry) was created by Br. Pundzius, and L. Strolis decorated the lobby of the Palace with a ceramic vase “Flora”. Thus, the Palace of Trade Industry and Craft became a significant example of the synthesis of architecture and art and one of the most prominent public buildings in inter-war Lithuania. During German occupation the frescoes by P. Kalpokas were destroyed. The Soviet power ordered to give the building to a library. Today the palace still houses three departments of the library. During the Soviet times a part of the interior was restored, but P. Kalpokas's frescoes still remain out of order.