The ruins of the city are situated in modern northeastern Bulgaria, some 20 kilometres southwest of the regional capital of Shumen, and are currently a national archaeological reserve.

In the following 80 years the city developed rapidly, turning into a centre not only of Bulgarian politics and diplomacy, but also of Slavic culture, literature and fine arts.

Archeological excavations have, however, proved that the city continued to develop also during the 930s and 940s and reached the peak in its growth and magnificence in the middle of the rule of Emperor Peter I of Bulgaria.

In view of the impressive town planning, the vital economy and the grandeur of buildings like the Round Church and the Royal Palace, Preslav was a true rival of the largest and most important city centres in the western hemisphere.

Although the city did not lose its importance in the next three hundred years, the neighbouring outskirts and the big monasteries became desolate, the economy lost its vitality and significance.

Apparently, Ivan Asen ruled from the centre of the uprising, Tarnovgrad, whereas his brother and co-ruler Theodore Peter resided in Preslav as a symbol of the renewed statehood of Bulgaria.

Some of the surviving refugees built up a village of the same name only two kilometres north from the fortress where the contemporary town of Veliki Preslav is now situated.