With the global rise of culture-led regional development, cultural clusters have been used as a strategy to increase regional competitiveness through its effect of enforcing regional identity and attractiveness. Museum clusters, a sub-category of cultural clusters, have been particularly effective in promoting comprehensive regional growth. The purpose of this study is to identify implications for the effective creation and management of museum clusters based on the in-depth analysis of MuseumsQuartier, Vienna. MuseumsQuartier was initiated by the Austrian federal government and the City of Vienna to expand tourism by renewing Vienna’s image and to promote the growth of creative industries in the city. MuseumsQuartier opened in 2001 as a cultural cluster featuring diverse forms of contemporary art and culture. Since then MuseumsQuartier has effectively contributed to the economic and cultural regeneration of Vienna. Based on this analysis, this study has the following implications for future museum clusters. First, for synergy within the cluster to take place, formal mechanism and incentive structures for collaboration are required. Second, when considering the location of a new cluster, realistic assessment should be made regarding the possibility of attracting a qualified workforce to the region. Third, it is strategic for museum clusters to first establish itself as a “living space.” Fourth, planning on the content and programming of the museum cluster should be made before planning for the physical construction. Fifth, the structure and role of the cluster management organization need to be devised according to the nature and purpose of the specific cluster. Finally, when museum clusters are created for the purpose of economic growth, investment should be made towards overall development and diversification of the region’s economy.