The memorial consists of a Portland stone column approximately 7.5 metres (25 ft) high, with buttress plinths, on a granite base, and attached bronze sculptures.

Behind the bronze soldiers, the north and south sides of the stone column each bear carvings of three flags, with each flagpole topped by a crown and a wreath.

[5] Webb's original proposal, including masts standing 75 feet (23 m) high bearing the Royal Standard and the flag of the City of London, and statues representing Peace and Victory, was rejected by the Court of Common Council, but his second design was accepted.

[7] To create space for the memorial in front of the Royal Exchange, a drinking fountain was moved to Cornhill, where it replaced a statue of Sir Rowland Hill, which was moved to St Martin's le Grand, The memorial was unveiled in front of a large crowd on a foggy day, 12 November 1920, the day after the ceremony to bury the Unknown Warrior at Westminster Abbey.

A brass plaque reads: "Raised by public subscription at the Mansion House in the peace year 1919 during the mayoralty of Col.