It once was home to the town's Roman forum during the time of the Roman Empire.
The northern side of the square is occupied by the ancient town hall, the Torre dei Lamberti, the Casa dei Giudici ("Judges Hall") and the Mazzanti Houses. The western side, the shortest one, features the Baroque Palazzo Maffei, decorated by statues of Greek gods. It is faced by a white marble column, on which is St. Mark's Lion, symbol of the Republic of Venice.
The north-western side occupies the site of the ancient Roman Capitol Hill, which looked towards the Forum. Numerous of its buildings facing the square have maintained façade frescoes. The square's most ancient monument is the fountain, surmounted by a statue called Madonna Verona, which is however a Roman sculpture dating to 380 AD.