Szczepański Square was built at the beginning of the 19th century after the demolition of the medieval church of St. Stephen, to which the name of the square refers, and the church of St.[1][2] Matthias and Matthew together with the adjacent former Jesuit buildings.

Initially, it was named Plac Gwardyi Narodowey, because on On August 3, 1811, the first review of the National Guard established in Kraków was carried out here.

[1][2] To commemorate this event, a black marble plaque with the following inscription was placed on the Szołayski tenement house located at the square: ''Plac Gwardyi Narodowey ogłoszony dnia 3-go sierpnia 1811 roku''.

In 2010, the square was modernized, including: adding a fountain on it.

[1][2] The square is surrounded by a number of buildings, including: