The Jayalakshmi Vilas Mansion was constructed by Sri Chamaraja Wodeyar for the royal comforts of his eldest daughter Jayalakshammanni. It is situated in the lush green landscape of the University of Mysore premises. The Jayalakshmi Vilas Mansion was built in 1905, with total building cost of 7 lakh rupees. Jayalakshmi Vilas Palace reflects the rich architectural splendor of the ancient times and represents the zenith of artistic caliber of the local craftsman of bygone golden era.

The Jayalakshmi Vilas Mansion, was formerly known as the ‘First Rajkumari Mansion'. The palace includes a three-wing structure that features a sequence of Corinthian and ionic columns. The first floor of the building consists of regal pediments on the roof top. The interior of the Jayalakshmi Vilas Palace is extensively ornamented in Indian decor. The main feature of the Jayalakshmi Vilas Mansion is the dancing hall which is called the Kalyana Mantap, it consists of 12-pillar square and an eight-petal shaped dome. The 40 feet high roof of the Jayalakshmi Vilas Palace is adorned with painted glasses. The palace also consists of a gold -plated tower known as the "Kalasha". The mansion has 125 rooms, 300 windows, 287 exquisitely carved doors and it was spread across 6 acres.

The mansion was acquired by the University of Mysore to establish a postgraduate center in its campus known as Manasagangothri. In 2006, an Archeological and Folklore Museum was established in the Jayalakshmi Vilas Mansion with the donation from the Infosys Foundation. The Folklore Museum exhibits folk art and crafts from all over the state of Karnataka.