The mission of the Larry Hagman Legacy Library, a California Non-Profit Public Benefit Corporation, is to preserve the legacy of Larry and to carry on the philanthropic wishes of Larry and Maj Hagman. The Larry Hagman Legacy Library will also house memorabilia from the career of Larry's mother, the legendary Broadway stage actress Mary Martin, including playbills, reviews, as well as her musical recordings.

The Larry Hagman Legacy Library has specific short and long term goals in order to preserve Larry's legacy for generations to come, as well as to continue the philanthropic wishes of Larry and Maj. Short term goals include the endowment of a physical library to house both Larry and Mary's collection for visitors to enjoy for years to come, as well as to produce library events to honor their commitment to the film, stage and television industries.

Long term goals include producing an annual festival to preserve their legacies, and to support, through grants, the charities that Larry and Maj cared deeply about and thereby continuing their philanthropic wishes.