The legendary racehorse Phar Lap has been celebrated this weekend for his 100th birthday, with a special party held in his honour at the Melbourne Museum.

Frozen in time by a taxidermist, at 100 years old, Phar Lap’s legend gallops on, with the champion horse just as idolised now as in his prime.

WATCH THE VIDEO ABOVE: Phar Lap’s 100th birthday celebrated at Melbourne Museum

Know the news with the 7NEWS app: Download today

“Because he was really fast,” one young admirer said.

During the Great Depression, ‘Big Red’ won 37 of his 51 races, including the 1930 Melbourne Cup.

“He was a beacon of hope in the hard times and he was just so wonderful,” said Jenny Murray, a Phar Lap superfan who travelled from Queensland to celebrate his birthday.

“I always come and have tears because he’s just so magnificent.”

Phar Lap has turned 100 years old. Credit: 7NEWS

Big Red won 37 of 51 races during the Great Depression. Credit: 7NEWS

Phar Lap won his final race in Mexico in 1932. Just 18 days later, he died.

At his 100th birthday exhibition, visitors were treated to a rarely seen, tragic item.

“That’s the blanket he was wearing when he passed away,” said Michael Reason from the Melbourne Museum. “It’s really a poignant object and it sort of really moves you.”

Mystery still surrounds his death. Like Phar Lap himself, his legacy is a stayer.

“I think people are bringing their children and their grandchildren and sharing their love of him so I think that’ll go on and on and on,” Reason said.

Mystery still surrounds his death. Credit: 7NEWS

Children and adults alike come to celebrate Phar Lap. Credit: 7NEWS