The first time an idea to commemorate the battle of Poltava it was expressed by an ordinary townsman Pavel Rudenko. In 1778 he erected a stone-made pillar crowned with gilded apple. There was a brass plate with engraving depicting the battle of Poltava made by engraver Patrikiy Balabin as apotheosis of Peter I's military genius. This monument existed until 1811, when it was badly damaged by some sots during a drunken brawl.

On June 24th 1841 another monument was erected not far from the original location. Soon after the battle Peter I visited commandant Kelin, who rented an apartment in the house that belonged to Cossack Magdenko and Peter I had a brief rest in his house.

By 1804 this house had fallen into decay and was demolished. Before the first visit of Tsar Alexander I to Poltava the first brick pyramidal monument was erected on this site. Russian Tsar Nikolay I ordered to immortalize this visit in a monument that was cast in bronze in St.Petersburg by Master of artistic casting Gamburger according to Professor Brullov's drawing. Under the National Emblem of Russian Empire there was a bronze plate with inscription: "Erected on June 27th 1849 in the reign of Tsar Nikolay I". The monument is surrounded by cast-iron balustrade, made of eight connected pillars in the form of cannons.

Soon after 1921, when Bolsheviks came to power, this plate was dismantled as well as everything that reminded of Romanov's dynasty. Bronze helmet, sword, shield and sleeping lion symbolize the resting Winner Tsar. While Poltava was under German occupation (1941 - 1943), all bronze decorations of the monument were taken to Germany.

Only in early 1950s was this monument reconstructed in its original form with the exception of the bronze plate.