It is the largest church in Budapest and a significant historical landmark within the city's UNESCO World Heritage Site Buffer Zone.

In the late 1810s, about a thousand people formed the Lipótváros Parish and began fundraising and making plans for the future church.

During a devastating flood in 1838 the high ground here provided a measure of safe refuge to the residents, who, in thanksgiving, subsequently donated toward the construction of the church.

In 1931, Pope Pius XI awarded it the title of basilica minor; and served as the main venue for the 34th International Eucharistic Congress in May 1938.

Although the church suffered serious damage during World War II the cellar provided shelter for many refugees and a valuable collection of the Hungarian National Archives.

Regulations prohibited for a long period the construction of any building taller than 96 metres (315 ft) in Budapest.

The tympanum over the main entrance holds an 1893 mosaic designed by Mór Than, Our Lord on the Throne with Angels by Salviati of Venice.

On the main facade, below the tympanum, is an inscription of Christ’s words: "Ego Sum Via, Veritas et Vita" (I am the way the truth and the life).

In the lobby of the main entrance you can see the Saint Stephen's relief of Károly Senyei, and mosaics by Bertalan Székely.

The sanctuary vault features allegories of the Holy Mass on mosaics by Gyula Benczúr and highlights the important stages of St. Stephen's life in the bronze relief series by Ede Mayer.

The glass painting works were made by Miksa Róth, and the pipe organ of the church is the product of the factory of Pécs and József Angster recognized in the era.

A Christmas fair is held in the square in front of the basilica during the Advent season, and at that time of the year the façade is decorated with special light paintings in the evenings.