The cenotaph is listed as a Category 1 Historic Place by Heritage New Zealand and it is the city's focus for the annual Anzac Day commemorations.

It features two wings decorated with relief sculptures, and the central cenotaph is topped with a bronze figure on horseback,[1] all carried out by Richard Gross.

The souvenir programme for the dedication says the mounted figure was entitled 'The Will to Peace', and is described thus: Pegasus spurning underfoot the victor's spoils of war and rising into the heavens, enabl[ing] his rider to emerge from the deluge of blood and tears, and to receive the great spiritual assurance of peace.

[1]On 2 September 2013, new plans for the cenotaph were presented including a new staircase and water feature up to the Parliament Buildings.

The works also include repairs to the cenotaph surface materials and creation of a square to create a ceremonial space.