In 1724, the estate of one of Peter I's associates, A. Rumyantsev, was located on the site of the Izmailovsky Garden. A park in the regular style was laid out on the estate's territory.

In 1835, the park was purchased by the merchant A. Tarasov. In 1888, the territory was leased to the St. Petersburg German "Schuster Club". The tenants built a restaurant in the park, a shell stage for a brass band, an open stage where tightrope walkers, magicians and gymnasts performed. The Izmailovsky Garden turned into a popular entertainment venue.

In 1898, a merchant from Yaroslavl, Pyotr Tumpakov, leased the park for 25 years and made a number of fundamental changes to its territory. All the buildings of the former German Club were demolished, a new restaurant was built in their place, electric lighting was installed, and a large flower garden was laid out at the entrance. In addition, Pyotr Tumpakov rebuilt the old theater building in the garden and called it the Buff Theater. The new building was constructed according to the design of architect V. Shukhov.

The merchant assembled an operetta troupe for the new theater, and the Buff Theater, opened in 1910, quickly gained popularity. The theater did not lose the love of the audience even after Tumpakov's death in 1911.

In 2007, the park was reconstructed. The old theater building was dismantled, and in 2010 a new three-story theater was opened.