It appeared just three decades after the founding of the city - in the 1730s. At the beginning of the XVIII century it was commonly called Brumbergskaya or Brumbergova square, by the name of the owner of the nearby Brumberg saw mills.

This square was formed during Catherine the Great's time with the construction of the Big (or Stone) Theatre. This theatre, which could hold up to 3,000 people, was the most significant theatrical construction in St. Petersburg at the time. In the evenings the Kolomna area attracted all of St. Petersburg elite. However, the Big Theatre suffered a sad fate: a huge fire in 1811 nearly destroyed it.

At the end of the XIX century a new building was erected in its place (Teatralnaya Sq., 3). It was intended for the St. Petersburg Conservatory, founded in 1862 at the initiative of the composer Anton Rubinstein.

This is the oldest Russian music academy which was attended by many famous musicians (Prokofiev, Shostakovich, Mravinsky, etc.). At the conservatory there is also a Theatre of Opera and Ballet.

There are two monuments to the great Russian composers Glinka and Rimsky-Korsakov to be found on Teatralnaya Square.