[3] It was a main boulevard, transformed into a square after the closure of the southern side by the construction of the Metropolitan Cathedral.

The square hosts the buildings of some important institutions such as the National Theater and Opera, the Orthodox Cathedral, Timiș, Capitol and Studio cinemas, the Museum of Banat, several art galleries as well as many shops and sidewalk cafés.

Some of the most important cultural events take place in Victory Square: JazzTM, Timfloralis, FEST-FDR, Opera and Operetta Festival, Easter and Christmas fairs, New Year's concerts, etc.

Victory Square was designed at the beginning of the 20th century when the walls of the old fortress were being demolished, and the center of Timișoara was redesigned to allow the development of the city.

Only after Franz Joseph I's decision to cancel Timișoara's status of fortress on 23 April 1892,[5] architect Ludwig von Ybl drawn up a "general city development plan", which provided for the establishment of a wide boulevard, having approximately the size of the current square.

[7] In the past, it was the walking place of the high society of Timișoara, well illuminated, with luxury restaurants and shops.

[4] The "she-wolf with cubs", supported by a five-meter-high pillar,[9] is a replica of the Capitoline Wolf, given to Timișoara in 1926 by Rome.

Romanians in Timișoara decided to protest against Fascist Italy led by Benito Mussolini, who supported Hungary to obtain Northern Transylvania.