The square in front of the entrance to the St. Michael's Golden-Domed Monastery was formed back in the 12th century. Therefore, it has every right to be considered one of the oldest in Kyiv.

The square took its current form and size in the mid-19th century, after the space between the St. Sophia and St. Michael's Cathedrals was divided by the building of the "Present Places". The modern name first appeared in 1869 and, after a series of renamings, was fixed again in 1991.

In the 1930s, the Soviet authorities planned to move the government quarter here. Because of this, a number of historical buildings were destroyed, including the St. Michael's Golden-Domed Cathedral. However, of the planned ones, only the construction of the Ministry of Foreign Affairs of Ukraine was realized. The authentic appearance of the square was restored during the independence of Ukraine. Its compositional center was the monument to Princess Olga, restored after its dismantling in 1923, surrounded by sculptures of the Apostle Andrew the First-Called and the Slavic enlighteners Cyril and Methodius.