[6] Because of its position, Princes Bridge is often a focal point for celebratory events in Melbourne such as the Moomba Festival, New Year's Eve and many celebrations taking place on the Yarra River where it flows through the city.

When the first European settlers settled in Melbourne in 1835, there was no permanent crossing point of the Yarra River.

In disuse from 1848, it was demolished Oct 1852, although famed chronicler of early Melbourne, the journalist "Garyowen" reported some remnant piles from the bridge could still be seen the Yarra's waters as late as 1883.

Paid for with government funds, the bridge was designed by David Lennox[7] and built by James Linacre.

[13] Within a year of the bridge's opening, gold was discovered in country Victoria and Melbourne saw a massive increase in population.

By that time the Yarra River had been heavily modified both upstream and downstream, and the major floods of the early years were becoming less common.

Construction was delayed over funding and other issues, and it was not until 1884 that the old bridge was disassembled and replaced by a temporary structure.

[2] David Munro & Co. supplied the winning bid for the construction of £136,998 9s.9d.,[2] incorporating reused materials from the old bridge and ironwork fabricated by Langlands foundry in Melbourne.

It was linked to Flinders Street station by the railway tracks that run underneath the northern approach to the bridge.

The coat of arms on the bridge belong to the municipal councils who contributed towards the cost of construction.

Other design features include an elaborate balustrade along the top of the bridge, and lamp standards crowning each pier.