M&G's permanent collection of icons presents the history of icon painting from the 14th through the 20th centuries. Various icons represent the Novgorod School , the Suzdal and Moscow Schools (including the followers of Rublev), and the work of the Stroganov family. Some of the icons exhibit the influence of western culture on Russian art. A few of the works come from Greece.

A great strength of the collection is its unusual variety. For example, while many icons at M&G display traditional images of Christ, Mary, and St. Nicolas, others depict rarer themes, such as the 13 great feasts of the Orthodox Church, scenes from the life of Christ, and scenes from various saints' legends. Rich silver overlays and semi-precious stones adorn several icons, while others carry inscriptions to members of Russia 's royal family. Since another exhibit is currently displayed in the Exhibition Gallery, the icon collection is temporarily unavailable.