In 1775, an urban development plan was developed, according to which it was planned to equip several squares around the Kremlin and Kitay-Gorod. One of them was supposed to be located on the site of modern Teatralnaya Square. A detailed plan of the square with open galleries and buildings was developed by architect Osip Bove in 1816. The construction took a long time and deviated from the plan. Most of the territory was fenced for almost a century, until 1911.

The square's ensemble consists of several iconic cultural sites. First of all, this is the majestic building of the Bolshoi Theater, the facades of which are decorated in the spirit of early eclecticism. On both sides, the square is framed by the buildings of the Small and Youth Theaters. In the center of the square there is a fountain by Giovanni Vitali.

Teatralnaya Square often hosts cultural and city events. Thus, when the Christmas Light festival was held in the capital, the square was decorated with giant multi-tiered arches of Italian masters. And the facades of the Bolshoi and Maly Theaters have repeatedly become the background for multimedia performances at the Circle of Light festival.