Plans were finalised in 1919 and when completed in 1923 it was the first four-octave carillon in England, the concept being associated with Belgium where so many British servicemen lost their lives during the 1914–1918 Great War.
The Carillon was designed by Sir Walter Tapper, and is now grade II listed.
The dedication was held on Sunday 22 July 1923, led by Theodore Woods, Bishop of Peterborough, and Field-Marshal William Robertson.
The carillon was played by city carillonneur Jef Denyn, and the service included a piece Memorial Chimes composed by Edward Elgar for the occasion - the manuscript of which, donated to Charnwood Borough Council in the 1950s, was rediscovered in 2012.
The song "Loughborough Suicide" by Indie group Young Knives starts with the line "I looked down from the carillon".