Many historical events occurred there, and it is a traditional setting for demonstrations, celebrations, and other public gatherings.

On 28 October 1918, Alois Jirásek read the Czechoslovak declaration of independence in front of the Saint Wenceslas statue.

During the 1938 May Crisis, the square was the site of massive demonstrations against Nazi Germany's demands for the Sudetenland and the appeasement policies of the First Czechoslovak Republic's allies the United Kingdom and France.

On 16 January 1969, student Jan Palach set himself on fire in Wenceslas Square to protest the Warsaw Pact invasion of Czechoslovakia in 1968.

A group of provocateurs then attacked the Prague office of the Soviet airline Aeroflot, located on the street.

Wenceslas Square is lined by hotels, offices, retail stores, currency exchange booths and fast-food joints.

The Christmas markets (Vánoční trhy) are held here every year from early December to the first week of January.

It will include wider sidewalks, tram tracks, bicycle paths, new alleys and reduction of the space dedicated to motor traffic.