The square developed from an ancient Roman and Frankish cemetery into a semi-private space that belonged to the Collegiate Church of Saint Servatius.

It is surrounded by important heritage buildings, museums, a theatre, and a range of hotels, restaurants, and bars.

Archaeological excavations have shown that the area of the current square was used as a burial site since the late Roman period.

Several large cemeteries from the early Middle Ages were excavated in 1969–70, prior to the construction of an underground parking lot.

[1] Further excavations on the north side of the square in 2003 revealed the remains of thirteen layers of the ancient Roman road, the so-called Via Belgica, an important route between Boulogne Sur Mer at the English Channel and the city of Cologne on the river Rhine.

[2] The oldest written reference to the name Vrijthof dates from 1223, when Emperor Frederik II transferred the area to the chapter of Saint Servatius.

[2] During the two weeks of the Maastricht Septennial Pilgrimage, the walls were removed due to the large crowds that gathered there.

In 1408, after the suppression of a rebellion by prince-bishop John of Bavaria, one of the rebellious mayors of Liège was beheaded in the square.

[2] There are 38 listed buildings (rijksmonumenten) in Vrijthof, including the Romanesque Basilica of Saint Servatius (Dutch: Sint-Servaasbasiliek), the Gothic Church of Saint John (Sint-Janskerk), the largely 16th-century 'House of the Spanish Government' (Spaans Gouvernement), the 18th-century Military Guard House (Hoofdwacht) and the early 19th-century 'General's House' (Generaalshuis).

Elsewhere in the square is a memorial plaque of the Old Hickory Division of the US Army, commemorating the Liberation of Maastricht in September 1944.

Other public art works include a fountain named "Hawt uuch vas", designed by Frans Gast, and a group of statues called "'t Zaat Herremenieke" by Han van Wetering.

Recently, a short-stay accommodation opened in the former main post office, originally designed by Marinus Jan Granpré Molière in 1915, refurbished by Wiel Arets.

In July and August open air concerts by André Rieu and his Johann Strauss Orchestra take place in the square.