The singer, who died in 2011 after a long illness, achieved international success with solo hits Baker Street and Right Down The Line, as well as Stuck In The Middle With You with the band Stealer's Wheel.
The free exhibition will run at Paisley Museum from tomorrow until May 18, and will coincide with an eight-day music festival in the town in April celebrating Rafferty's legacy.
Many of the personal artefacts exhibited include his gold discs, guitars and hand-written lyrics which have been loaned to Paisley Museum by the musician's daughter Martha.
She said: "My father's home town meant a huge deal to him and helped inspire a lot of his work, so it is fitting to be able to hold this event here in Paisley.
"There remains a huge deal of interest in his music from his fan base throughout the UK and abroad - and I hope they will find plenty to interest them in the exhibition."
Also on show will be original artwork from Gerry's close friend John Byrne, who designed many of his album covers.
Andrea Kusel, curator at Paisley Museum, said: "Both Gerry Rafferty and John Byrne are from Paisley, and I think it's very important as they are very much celebrated here on home turf, but they obviously have much wider appeal and we hope it will bring a lot of people to Paisley.
"Perhaps they haven't always associated both of these artists with Paisley, although for both John and Gerry, it was very important and was referred to in many of their writings."
The Bring it all Home festival includes a concert featuring Martha Rafferty, Rab Noakes, Barbara Dickson and Eddi Reader which sold out in three hours last month.
Renfrewshire Council leader Mark Macmillan described Rafferty as one of Paisley's "most famous sons", and she he believes the exhibition shows that the town still cares about the musician.
He said: "If you're a fan of Gerry Rafferty, or are just interested in anything to do with Paisley, this is fantastic.
"We are delighted to be able to host the exhibition and festival and are ready to welcome the visitors we expect them to attract. We would also like to thank Martha Rafferty and John Byrne for their generous contribution to the event."