It is located in the center of the first 25 blocks of Caracas when it was founded as "Santiago de León de Caracas" in 1567. It is in the historic center of the city in the Cathedral Parish of the Libertador Municipality.

Bolívar Square is surrounded by important buildings such as Caracas Cathedral, Sacred Museum, Archbishop's Palace, City Hall, Chapel of Santa Rosa de Lima, the Yellow House, the Main Theater and the building of the Government of the Capital District. The Federal Legislative Palace stands to the Southwest.

The statue of Simón Bolívar was inaugurated on November 7, 1874 in the center of the square with the ringing of bells and 21 guns. This is a replica of the statue by Adamo Tadolino located at the Bolivar Square in Lima, Peru. Cast by the Von Müller Foundry, Bolívar rides a horse standing on its hind legs, supported by the two tiered pedestal. It measures 4 meters high.

The decision to install electricity in the square was made in 1894, and since then, there were no significant changes until 1967, when the original colourful floor was replaced by gray marble. Several terminal stations of the former Caracas tram worked in the corners of the square during 1908 and 1947.

On February 21, 1959, the statue was designated as a memorial. In mid-2003, the Municipality of Libertador undertook a process of full restoration of the square, including gardens, fountains, flooring, lighting, among others.