The foundation stone of the monument was laid on 15 May 1903, in front of prince regnant Ferdinand I.
The statue of Vasil Levski presents him with a revolver in his hand.
By his side is a roaring lion, symbolising the nation of Bulgaria.
In the lower part of the monument there is a list of Karlovo citizens, who died during the fight for Liberation of Bulgaria in July and August 1877.
On the lower part of the pedestal there are three reliefs - "Creation of the revolutionary committee" („Създаване на революционен комитет“), "The arrest of Levski" („Залавянето на Левски“), and "Taking Karlovo's rebels from the konak" („Извеждане на карловски въстаници от конака“).