Regarding high building density of the Lesser Town the Wallenstein Square is quite huge area. It is spread in front of the forefront of the Wallenstein Palace, after which it has got its present name. There are streets running into the square Wallenstein Street from Klárov, Tomášská Street from the Lesser Town Square and from the west it is accessible from the Five-Churches Square.

Wallenstein Palace no. 17 is a monumental large architecture of complicated floor plan, which had risen in the town of twenty-five houses, fortification gate, brickworks, gardens and free lands in period of 1623-1630 and it included renaissance house of Trčka of Lípa. Andrea Spezza and Nicolo Sebregondi participated in the construction, with attendance of Giovanni Pieroni, who had also created the design of sala terrena, built in 1627. The Palace as a whole is the first of architectures of Prague baroque, which forms uniformly outlined premises with large garden areas. The building is related especially to the person of its builder Albrecht of Wallenstein (1583-1634), generalissimo of imperial armies and duchy of Friedland. After his violent death the palace was confiscated, but in 1639 it was bought back for Wallenstein family, in whose property it was kept until 1945. Nowadays there is a seat of the Senate of the Czech Republic.

A corner, late renaissance house U Tří čápů, with its interesting house sing, partially turns to the Wallenstein Square. Facades and portal of the house were modified in classicist style in 1794 and around 1820. Neighbouring house no. 522 rather recedes. Its architectural shape is classicist according to the designs by builder Josef Zobel from 1803-1804. The last mentioned building is Ledeburg Palace no. 162 in the north-west side of the square. Shape of the present palace building was formed by reconstruction which proceeded after 1685 and next early classicist modification in 1802, according to the design by arch. Ignác Palliardi.