It is named after Bulgarian writers Petko and Pencho Slaveykov, father and son.
A square called Kafene Başi is first mentioned to have existed at the modern place in 1515.
During the 1920s and 1930s, Slaveykov Square formed its modern appearance, with five- to seven-storey buildings featuring a shop on the ground floor.
After 1944, the automobile traffic around the square was gradually limited, and it turned into a pedestrian area.
In the years following 1990, the square became a preferred place for booksellers, and many bookshops emerged on it.