The square got its name from the monument to P. A. Rumyantsev installed on it
The area is located between the University Embankment, the 1st and 2nd lines of Vasilievsky Island. At the end of the 18th century, this place was the parade ground of the Cadet Corps, which was located in the Menshikov Palace. In the 19th century, the obelisk monument to P. A. Rumyantsev was moved here, and the square became known as Rumyantsevskaya. In the 1860s, at the expense of the merchant S.F. Solovyov, a garden was set up in place of the parade ground. According to the project of N. N. Kovrigin, alleys were laid out here, trees were planted, a cast-iron fence was installed.
Later, the square was renamed. From 1939 to 2001 it was named Shevchenko Square, in honor of T. G. Shevchenko, an Ukrainian poet and artist, because he lived and worked at the Academy of Arts, whose building overlooks the square. Since 2001, the square has returned its historical name. In 2002-2003, restoration took place in the Rumyantsev Garden.