The monument to Peter was created based on a model made by M.M. Antokolsky in 1872. The monument, unveiled on June 27, 1909, was located on Bolshoy Sampsonievsky Prospect (renamed Karl Marx Avenue during the Soviet era) until 1929, when the bronze sculpture was removed. The pedestal was also removed later. Since 1940, the sculpture has been in the collection of the State Tretyakov Gallery.

For the 300th anniversary of St. Petersburg, it was decided to restore the monument in its historical location.

The bronze casting of the statue of Peter I was carried out using the author's plaster model located in the Russian Academy of Arts. The work was carried out in the foundry at the St. Petersburg State Polytechnic University. A copy of the pedestal was also made from red Finnish granite with an overlaid bronze plaque on the front side, reproducing the text from the old monument to Peter the Great: "And know about Peter that his life is not dear: if only Russia lived...".

On the back side of the pedestal are texts informing about the author, sculptor M.M. Antokolsky, and the construction of the monument with funds from the descendants of Count B.P. Sheremetev. The opening of the restored monument took place on May 24, 2003.