This park was founded in the middle of the 18th century as part of the City Garden by order of Empress Elizabeth on the Dnieper River next to European Square. Its former names were: Tsarsky, Kupetsky, Proletarsky and Pionersky. In 1882, the Merchants' Assembly House (now the building of the National Philharmonic of Ukraine) was opened here and for a long time the park was also named in its honor.

In the 1970s, the first 2 towers of the Kyiv Waterworks were erected, where the Water Information Center (Water Museum) is now located. In 2005, a building in the form of a fairy-tale castle was built in the park, which houses the oldest puppet theater in Ukraine with a number of sculptural images of fairy-tale characters. The park features a gazebo, sculptures "Luigi and Mokryna in Love", "Wish Tree", as well as a monument to a coin-eating frog with an unexpected surprise for vacationers.