The first Nantucket Atheneum was formed from the joining of the Nantucket Mechanics Social Library and the Columbian Library Society, both of which had histories extending back to the early 1820s. They became the Universal Library Association in 1827. In 1834, they incorporated as the Nantucket Atheneum. The library operated as a private subscription library, and future renowned astronomer Maria Mitchell served as their first librarian. 

As well as a library, the Atheneum hosted speakers. In August of 1841 the Atheneum was the site of Nantucket's first anti-slavery convention. Over the three day period, several speakers stood at the podium. Among them were Frederick Douglass and William Lloyd Garrison.