The tower got its name from the nearby church of Paraskeva Pyatnitsa. At the back of the tower, under the arches, there are two openings leading to small vaulted chambers. In the 16th century, muskets, carbines, armor, bullets, and banners were stored in these chambers. According to the scribes' books, on June 7, 1568, a fire occurred in Tula, resulting in the explosion of the 'treasury with the potion' at the Pyatnitskiye Gates, which likely caused significant damage to the tower. This explains the absence of white stone details typical of other Kremlin towers.

In the 16th and 17th centuries, the tower served as the main entrance to the Kremlin. Through the Pyatnitskiye Gates, Russian monarchs, heads of the Russian Orthodox Church, foreign ambassadors, and other high-ranking guests entered the city. In the late 18th century, the Znamenskaya chapel was added outside, and the tower became known as the Znamenskaya.