The first wooden pontoon bridge connected Admiralteysky Island with Vasilyevsky Island near the Winter Palace in 1856; in 1896-1897 it was moved to the site of the current bridge. A metal bridge with a draw span in the middle was built in 1912-1916 according to the design of engineers A.P. Pshenitsky and R.F. Meltzer.

Noteworthy is that until 1978 some elements of the bridge were made of wood. In engineering terms, Palace Bridge is the most elaborate bridge on the Neva. The unique draw mechanism of the bridge, consisting of motors, large gears (among which there are solid cast gears preserved from the initial opening of the bridge) and thousand-ton counterweights, is capable of lifting up 700-ton spans.

In 1997, the bridge received modern night illumination.

During festive events, films and reproductions of paintings are projected on the spread wings of Palace Bridge.

Throughout its existence, Palace Bridge has been repeatedly reconstructed. For example, in 1939, wooden parapet was replaced with cast-iron railings, their pattern depicting Soviet symbols – coat of arms, banners, five-pointed stars and bundles of wheat heads. In 1967, a major overhaul was carried out. Ten years later, the flooring and the adjustable mechanism of the bridge were replaced, and new lamps were installed. In 1997, Palace Bridge was modernized again; illumination was added this time. The last reconstruction took place in 2013. During the repair process, the traffic on the bridge was not stopped completely.

Palace Bridge has five spans. The middle span is crowned with a three-pinned arch, and the other spans are topped with two continuous structures equipped with trussed girders. Each wing has a system of counterweights hinged to the bottom of the span. When constructing sidewalks and the roadway, metal flooring was used, and a layer of concrete was put on top. On the stationary spans, the fence is granite; on the draw span it is made of metal. Cast iron railings are made with artistic casting. Granite parapets adorn them on the bridge piers. Sixteen pillars, installed for lighting, are executed with architectural decor. The Pier with Lions at the foot of the structure is one of the most famous sights associated with Palace Bridge.