The palace was built between 1428 and 1430 for the Contarini family, who provided Venice with eight Doges between 1043 and 1676.
In 1894, the palace was acquired by its last owner, baron Giorgio Franchetti; throughout his lifetime, he amassed an important art collection and personally oversaw its extensive restoration, including the reconstruction of the stairway and the Cosmatesque courtyard with ancient marbles.