Originally, the place was a valley dug by a stream, the Koperbeek, which separated the former Palace of Coudenberg (a very old palatial complex that dated back to the Middle Ages) from the Warande (game reserve).

[6] Despite subsequent developments, Brussels still lacked a royal palace worthy of the name, so in 1904, King Leopold II, who was dissatisfied with this situation, decided to completely transform it.

This rectangular park, measuring more than 13 ha (32 acres),[12] contains around sixty sculptures, primarily inspired by Greco-Roman mythology; two water basins with fountains; monumental neoclassical railings and gates; as well as two bandstands where numerous shows take place in the summer.

[18][19] At the western end is the former Hôtel Belle-Vue, a corner pavilion built in 1776–77 by Philippe de Proft to install a luxury hotel.

[21] Due to both its size and its privileged location opposite the Royal Palace, the Place des Palais lends itself to holding official ceremonies.

On Belgian National Day, on 21 July, a military parade and celebrations take place on the square and in Brussels Park, attended by the royal family, the constituted bodies and the diplomatic corps, and ending with a fireworks display in the evening.

On 5 August, the square saw a record attendance: between 100,000 and 200,000 people flocked there throughout the day to pay their last respects to the king's remains on display at the Royal Palace.

It hosts concerts during the French Community Day, the Iris Festival,[27] Bucolic Brussels,[28] and the Fête de la Musique.