In the past the square used to be central for the previous independent village of Královské Vinohrady, which was promoted town on 26th September 1879 by Emperor Franz Joseph I. Since its foundation in 1884 it was called the Square of Purkyně, after the Czech scholar, physiologist, Jan Evangelista Purkyně (1787-1869). It was valid until 1926, when it got the name of Peace. During 1933-1940 it bore the name Square of Vinohrady. During World War II it was called the Imperial Square, of course after the Empire of Greater Germany. Then the name Square of Vinohrady was returned for four years. Since 1948 it has been the Peace Square.

The most important building is the town hall, touching the Jugoslávská Street. The town hall was built in its original shape according to designs by the city engineer Josef Franzl and it was opened in 1878. Then it used to be two-storied, in neo-renaissance style. The town hall had been successively extended with annexed buildings and with the neighbouring house in Jugoslávská Street. In 1929 it was extended with three floors and another neighbouring building was added. Successful huge reconstruction of the town hall building was realized during 2005-2006.

In the middle of the square there is standing neo-gothic three-nave church of St Ludmila with two high spires, constructed during 1888-1893 pursuant to the design by arch. Josef Mocker. Among the worthwhile buildings around the square there is a dominant of Vinohradské Theatre, built in art-nouveau style during 1904-1907 according to design by arch. Alois Čenský. The neighbouring frontage of neo-baroque houses was constructed in 1903 pursuant to design by arch. J. Bureš. In east of the square there is standing the National house from 1893-1894, designed in neo-renaissance style by arch. Antonín Turek.

The Peace Square, being in the very centre of the town nowadays, is accessible by underground, tram and public traffic bus. Numerous cultural and social shows have been held in its well-preserved park.