After the grain market was moved into the modern glass-and-iron Schranne near "Blumenstrasse" in 1853, the square received its new name, starting 9 October 1854.

The Glockenspiel in the tower of the New Town Hall was inspired by the tournaments that were held in the square during the Middle Ages, and draws millions of tourists a year.

The column is topped by a golden statue of the Virgin Mary standing on a crescent moon as the Queen of Heaven, created in 1590.

The four putti are each depicted fighting a different beast, symbolizing the city's overcoming of adversities: war represented by the lion, pestilence by the cockatrice, hunger or famine by the dragon and heresy by the serpent.

A new station, Marienhof, will be built to the north of the square, as part of the second S-Bahn tunnel project (Zweite Stammstrecke).