Built as a watchtower at the highest point of the mostly demolished Walls of Galata,[2] the tower is now an exhibition space and museum, and a symbol of Beyoğlu and Istanbul.

[4] After the Ottoman conquest of Constantinople in 1453, the Genoese colony was abolished and most of the walls of the citadel were later pulled down in the 19th century, during the northward expansion of the city in the districts of Beyoğlu and Beşiktaş; though small parts of the Genoese walls in Galata have survived.

It was from its roof that, in 1638, Hezarfen Ahmed Çelebi supposedly strapped on wings and made the first intercontinental flight, landing in the Doğancılar Meydanı in Üsküdar on the Asian side of the city, a story of doubtful authenticity recounted by the Ottoman travel writer, Evliya Çelebi.

In 1794, during the reign of Sultan Selim III, the roof was reinforced in lead and wood, but the stairs were severely damaged by a fire.

[10][11] In 2020 the Tower was splendidly restored then reopened as a museum now open for the public and the many tourists visiting Istanbul.