The Palacio de Velázquez (1883) is one of the two minor locations of the Reina Sofia Museum. Together with the Palacio de Cristal, it is located inside the Retiro Park. The Palace is named after the architect who collaborated in its construction, Ricardo Velázquez Bosco.

The Palacio de Velázquez, in style close to Neo-Renaissance historicism, has a large floor plan characterized by iron vaults and natural lighting due to the glass surface. The palace was originally born as the main pavilion of the International Exhibition of Mines, Metallurgical Arts, Ceramics, Glassworks and Mineral Waters of 1883.

Since 1987 it has hosted monographic exhibitions by artists such as Cindy Sherman, Nan Goldin, Juan Muñoz and José Manuel Broto, among many others. Closed for renovations in 2005, it reopened in 2010 with a retrospective dedicated to Miralda.