Its construction was commissioned by the Peruvian government in the 1870s to commemorate the Battle of Callao, which had taken place on May 2, 1866. It was built over a previous square known as the Oval of the Queen (), located near the gates of the city, which had since been overrun by urban growth. The square is dominated by a central monument, built in France and reassembled in Peru between 1873 and 1874, allowing the square to be inaugurated in July 1874. The architect was Edmond Guillaume; the sculptor of the finial figure of Nike and the historical and allegorical bronzes was Louis-Léon Cugnot.