The memorial commemorates employees of the Midland Railway who died while serving in the armed forces during the First World War.

The crest is surmounted by a catafalque with sculpted lion heads at the corners, supporting the recumbent effigy of a soldier, covered by a coat.

[6][7] The company published a pamphlet, titled For King and Country, in December 1914, giving details of Midland employees who had joined the armed forces by that date.

A plaque commemorating the company's casualties from the Second Boer War is affixed to the wall on platform 1 at the nearby station.

As Derby diminished in importance as a railway centre and the Midland's workshops and offices closed, it was joined by three other plaques listing the names of First World War casualties from individual sites.

Amongst the most prominent designers of memorials was Sir Edwin Lutyens, described by Historic England as "the leading English architect of his generation".

[6] Lutyens established his reputation designing country houses for wealthy clients and later built much of New Delhi, but the war had a profound effect on him.

He became renowned for The Cenotaph in London, which became Britain's national memorial, and for his work for the Imperial War Graves Commission.

At the top of the cenotaph is a recumbent effigy of an unknown soldier, partially covered by his greatcoat and with his Brodie helmet and bayonet at his feet.

[6][10][11] Although generally described as such, the memorial is not strictly a cenotaph as the sculpture at the top is a human figure rather than an empty tomb.

His position high above eye level gives him anonymity, enhanced by the greatcoat covering his face, allowing the onlooker to believe he could be somebody they personally mourned.

Charles Booth, company chairman of the Midland Railway, unveiled the memorial on 15 December 1921 while the Right Reverend Edwyn Hoskyns, Bishop of Southwell and Nottingham, gave a dedication.

[6][18][19] The Midland did not invite the families of the dead to the ceremony, fearing that there would be insufficient space for them, but offered free travel passes to Derby for relatives wishing to visit the memorial after its unveiling.

As well as the monument, the Midland Railway published a book of remembrance, a copy of which was sent to the family of each of the men listed on the memorial.

The book contained a photograph of the memorial, along with details about each man's occupation within the company, their home depot or station, regiment, and military rank.

[14][21][22][23] In the foreword, the Midland's general manager, Frank Tatlow, described the memorial as expressing:... the triumphant end of the war, as well as the sadness and sorrow it entailed, and is intended to embody the whole meaning of those troubled years which have bequeathed to us the memory of so many good lives lost and stout hearts which no longer beat.

The artist Fabian Peake created a memorial there in 2018, unveiled on the centenary of the Armistice (11 November), inspired by job titles he found in the Midland's Book of Remembrance.