Established in 1975, this gallery was named after one of the University of Edinburgh's most noted Professors of Fine Arts. David Talbot Rice was born in England, but taught in the Scottish capital until his death in 1972.

The gallery occupies several rooms at the University of Edinburgh's Old College, all housed in a grand neoclassical hall (originally constructed to be the home of the university's Museum of Natural History). The Old College itself was designed by Robert Adam and William Playfair, with construction beginning during the early 19th century. 

However, the building process was slow and intermittent, which resulted in the structure remaining under construction until 1827 under the sole supervision of Playfair. 

The neoclassical hall of the Talbot Rice Gallery is considered a sibling of sorts to the University’s Playfair Library (also designed by William Playfair). While the Library is only open to students and for special events, Talbot Rice Gallery is open to all and free to visit. Inside the gallery, both modern art and classical style share the same space. The gallery also hosts artist residencies and outreach programs.