Construction began on 27 August 1907, when the building's cornerstone was laid in the presence of King Peter I, Crown Prince George, members of parliament and the diplomatic corps.

Original project of Jovan Ilkić was slightly revised because of the formation of the Kingdom of Yugoslavia since its constitution mandated a bicameral (instead of unicameral) legislature.

A sculpture by Toma Rosandić, Igrali se konji vrani (Play by Black Horses), was installed in front of the building in 1939.

After the 1941 invasion of Yugoslavia and during World War II, the building housed the German high command for Southeastern Europe.

Its external design (with rustic green stone from Ripanj for the basement), and the shape of windows and pilasters extending through the two central levels and ending in a roof cornice with balustrade, indicate neo-Renaissance and neo-Baroque models.

The only plastic ornaments are medallions with images of Pericles, Athena, Demosthenes and Cicero, by sculptor Đorđe Jovanović, on the lateral risalits.

Interior design includes some 100 offices, large and small halls, and four conference rooms, a central vestibule topped by a dome, polychrome walls with columns, pilasters, niches and loggias and a marble floor.