Palazzo Grasselli owes its name to the last owners but its construction was commissioned by the Magio family, whose presence in Cremona is attested from the 13th century.

Since then the residence of the Magio expanded incorporating neighboring houses to accommodate the various family branches: architectural finishes dating back to the 15th century are still preserved. The great reform of the building started only after 1658, due to the Marquis Camillo, who hired architect Francesco Pescaroli: in the modern aristocratic residence the wide staircase were made, as well as the apartments and the lounges that were decorated by Giuseppe Natali. The extension of the front and the construction of the inner sleeve were interrupted.

The works resumed from the 1760s due to Camillo II: in the internal wing and in the anteroom the quadratures painted by Giovanni Manfredini simulate on the walls an order of Doric pilasters that frame doors and windows. In 1785 the large hall was also completed.

In 1847, with the extinction of the Magio family, the building passed into ownership to the Saini family and then to the Grasselli family who lived there until 2006. Then, the Grasselli left the building as an inheritance to the Municipality of Cremona.