During the reign and residence of King Olav V from 1957 to 1991, there was little funds for renovation, something the poorly-built original structure direly needed. King Olav would therefore mostly reside at Skaugum and the Bygdøy Royal Estate, but relocated to the palace in 1968 when he gave the Skaugum estate as a wedding gift to his son Crown Prince Harald and his bride Crown Princess Sonja. Shortly after his ascension, King Harald V started a comprehensive renovation project of the palace. The renovations and improvements, all made by Statsbygg, included new fire alarm systems, the construction of new bathrooms, kitchens, offices and a general restructuring of the palace. The King was criticized because of the amount of money needed to bring the palace up to a satisfactory state even if much of this went to rectify construction deficits from a century and a half ago. With the renovations completed, the King and Queen relocated from Skaugum to the palace in 2001 as the Skaugum estate was to become the new home of Crown Prince Haakon and his family.
The palace, like all royal residence in Norway, is guarded by His Majesty The King's Guard; the Royal Guards. Since public tours began in 2002, the general public has been able to view and appreciate the renovation and splendor that the palace now boasts. The daily changing of the guards has also become a popular tourist attraction in recent years.