[3] The critic Reyner Banham in his Theory and Design in the First Machine Age regarded the building as one of the major architectural achievements of the 1920s, comparable in scale only to the Dessau Bauhaus and the Van Nelle Factory in Rotterdam.

[5] The Derzhprom complex was used as a symbol of modernity in films such as Dziga Vertov's Three Songs about Lenin and Sergei Eisenstein's The General Line.

The building's notability was overshadowed following the moving of the Ukrainian capital to Kyiv in 1934, the later denunciation of Constructivism in favour of Stalinist architecture, and the Second World War.

[7] During the Russo-Ukrainian War, Derzhprom was hit by a Russian guided bomb on 28 October 2024, believed to be of the FAB-500 model,[6] causing significant damage and nine injuries.

[8][9][7] As the result, the mayor of Kharkiv Ihor Terekhov and the Bureau of UNESCO in Ukraine have initiated an accelerated procedure of nominating the Freedom Square ensemble (including Derzhprom) to the World Heritage list.