The square is located in the central district of St. Petersburg at the junction of ulitsa Malaya Sadovaya, Nevsky Prospekt, ulitsa Architect Rossi and Krylova pereulok.

The square unites historical and cultural monuments of federal significance: the Alexandrinsky Theater, the Russian National Library, Anichkov Palace, the monument to Catherine ΙΙ, the buildings of the Ministry of Public Education and the Directorate of Imperial Theaters, the building of the St. Petersburg City Credit Society.

Ostrovskogo Square is a work of the brilliant mind of the outstanding architect Carlo Rossi. Despite the fact that K. I. Rossi failed to floatize his project in full, the ensemble of Ostrovskogo Square is one of the highest achievements of Russian urban planning art. The area is included in the World Heritage List as a part of the historical center of St. Petersburg.