The monument to Stephen the Great was designed by architect Alexandru Plămădeală in 1923.

It was erected near the main entrance of the Stephen the Great Park in Central Chișinău.

A few days before the 1940 Soviet occupation of Bessarabia and northern Bukovina, the monument was relocated to Vaslui, and its pedestal was blown up.

On 31 August 1989 the monument to Stephen the Great was returned to its original location, chosen by Alexandru Plămădeală in the 1920s.

Flower-laying ceremonies are regularly performed at the pedestal of this monument on each national holiday and on days of official top- and high-level visits.