The square was inaugurated in 1799 by Viceroy Ambrosio O'Higgins, 1st Marquess of Osorno, as the Oval of the Queen (Spanish: Óvalo de la Reina).

[1] The name remained until 1866, when President Mariano Ignacio Prado announced that the area—then located near the city gate that faced Callao—would instead house a square to commemorate the battle of Callao which took place the day prior,[2] on May 2 (Dos de mayo), during the Spanish–South American War.

[3] The architect was Edmond Guillaume, while the sculptor of the finial figure of Nike and the historical and allegorical bronzes was Louis-Léon Cugnot.

The square's eight French-inspired adjacent buildings were built in 1924, under the second government of Augusto B. Leguía, designed by Claude Sahut and subsequently modified by Ricardo de Jaxa Malachowski.

[4] Restoration works, which took place under the supervision of PROLIMA, concluded with an official ceremony attended by deputy mayor Renzo Reggiardo on June 11, 2024.