The square was the location of many historical events in São Paulo's history, most notably during the Diretas Já movement.

Originally known as Largo da Sé (Field of the See), the square developed around the religious building which preceded the cathedral and surrounding edifices.

At the beginning of the 20th century, older structures were demolished, and the downtown area was reconstructed according to the time's urban planning.

The architects were heavily influenced by contemporary landscaping works underway on the US's west coast (such as those by Lawrence Halprin), characterized by rigorous geometry, through multiple levels with reflecting pools and prism-like land masses.

The square underwent a significant revitalization during 2006, having been partially re-inaugurated on January 25, 2007 (the city's anniversary) by then-mayor Gilberto Kassab.