Shaped in 1861,[2] the square was formally opened in June 1866;[3] its name remembers the May 1866 battle of Callao between the Spanish naval forces under the command of Casto Méndez Núñez and the Peruvian army.

[3] The square was substantially and aggressively reformed in the 21st century.

[4] The reform removed nearly all elements present by that time, except the metro station access and a big tree, turning the square into a pedestrian and homogeneous space, while adding a limited number of pieces of urban furniture.

[5] Conversely, big screens were added to the surrounding buildings.

[5] Located in a very commercial area of the city, the pedestrian space is often for rent to companies wanting to carry out advertising events.