Thibaw Palace is one of the ancient palaces in Ratnagiri District. Constructed in the early twentieth century (1910-1911) the palace is noted for its stone tombs. It is this palace where an exiled king and queen from Burma (now Myanmar) spent their last days. Thibaw Point, the spot where the palace is positioned, is a popular tourist destination. It now houses the Ratnagiri Sub-center of the Mumbai University. The nearest railroad and airport are at Ratnagiri.

Thibaw Min was the last king of Burma, Konbaung Dynasty (now Myanmar). His reign ended when Burma was defeated by the forces of the British Empire on 29 November 1885, prior to its official annexation on 1 January 1886. Thibaw was born in Mandalay and studied briefly in a Buddhist monastery. He and his wife were sent into exile to Ratnagiri where they spent the rest of their lives in virtual isolation. It is regarded as a gruesome chapter in Burmese history.

Though the British portrayed King Thibaw as tyrant, he was known to be a religious and polite person and had tried to save his country as best he could. King Thibaw himself gave an account of the reasons for his overthrow in a testimonial he wrote from exile for Esoof cheroots and quoted by C. L. Keeton in his book 'King Thebaw and the Ecological Rape of Burma'.