In the present-day, the Cornhill hosts various events such as Christmas markets, live music shows, and outdoor screenings of notable broadcasts, such as the proms.

The square is surrounded by grand Victorian buildings built as the town's wealth was booming from sheep wool and dock trade.

During the religious turmoil of the sixteenth century, the Cornhill was site of the execution of the Ipswich Martyrs, nine people were persecuted for their Lollard or Protestant beliefs around 1515–1558.

Cabman's Shelter, created in 1892, was made to provide a dry, warm space for drivers of horse-drawn cabs in the centre of Ipswich.

[7] The council responded by commissioning remedial work to improve the safety of the squares steps, and by removing the gateway arches which were widely disliked.