Being its creation ordered it, 1587 it was not until the second half of the l7th century that it gained in importance. Initially called "New Square", its name was changed to that of "Old Squeare" when the Christ Square was built. By the end of the l7th century it was the Main Square, a relevant trading place and residential area of the Cuban elite until the 18th century.

In 1835, the construction on its center of the monumental Mercado de Cristina (Cristina's Market) was completed in honor of Queen Cristina. It was replaced by a park in 1908 and afterwards by an underground parking lot.

The square, after its restoration in the late 90's, recovered its original pavement. On its center there is a fountain of Carrara marble, a replica of the one that existed in this place in the past.