The prospekt began to develop as a part of the major route connecting the city with Moscow and south provinces.
Among the historic buildings along the prospekt are the Saint Petersburg State Institute of Technology, the New Smolny Convent with the adjacent Novodevichy Cemetery.
The intersection with Ligovsky Prospekt features the Moscow Triumphal Gate designed by Vasily Stasov and constructed in 1834–1838 to commemorate the victory in the Russo-Turkish War of 1828–1829.
After the Russo-Turkish War, 1877-1878 the prospekt was renamed Zabalkansky (i.e., Transbalkanian), to memorialize the crossing of the Balkans by the Russian army.
The southern stretch of the prospekt features an ensemble of buildings built in the distinctive Stalinist style in the 1930–1950s, including the House of Soviets (1941), which was a military stronghold and command post during the Siege in World War II.