Theatro da Paz has suffered minor alterations along the years to its façade, namely the reduction of the number of columns over the main entrance.

Theatro da Paz was planned by engineer José Libúrcio Pereira Magalhães, with some alterations added by the Public Constructions office.

The premiere feature was Adolphe d'Ennery's drama called The Two Orphans, having taken place on February 16, 1878, and organized by Vicent Pontes de Oliveira theater company, which deal with Theatro da Paz lasted for five years and made him responsible also for the stage lights, decoration, choreography and props, as well as for the organisation within this period.

In Theatro da Paz, Carlos Gomes ran his most famous opera, O Guarani, and Russian ballerina Anna Pavlova also touched its stage with her ballet shoes.

In 1904, during Augusto Montenegro's government, four busts representing music, poetry, comedy and tragedy were included in Theatro da Paz decoration.

After Armando Baloni's painting, in 1960, Pará state governor then, Aurélio do Carmo, kept the restoration until 1965, under Jarbas Passarinho's administration, Theatro da Paz was finally fully recovered and reopened to the public.