It is on the north of the peninsula, and divided from Bärenplatz by Marktgasse.

It is part of the UNESCO Cultural World Heritage Site that encompasses the Old City.

Waisenhausplatz was first used to describe three formerly separate plazas in the 19th century.

2–14) was built over the ditch in front of the second city wall in the 16th century.

16–28) was also built over the protective ditch, the Tachnaglergraben, and was known as Zeughausplatz (Armory Plaza).