In the late 17th century, spontaneous trade in hay and straw began on the western outskirts of the Streltsy settlement. This commodity was in high demand for a long time, and trade in it constantly expanded. Over time, after draining the marshy areas to the west of the city, hay trading spread over a larger territory, which became known as Hay Square. By the early 19th century, the square took on its current shape, bordered by the streets: Penzenskaya (later Gymnasium, now Kommunalnaya), Nosovskaya, Lipetskaya (later Znamenskaya, now Oktyabrskaya), and Christ the Savior (Krasnaya). Hay Square was already a lively place where one could learn all the city news.

Initially, the city market was located north of Cathedral Square, but in the late 1820s, it was moved to Hay Square, and a site was allocated for hay trading further north, closer to Studenets. Since then, the central market in Tambov has been located in this place for 170 years. In the early years, trading was conducted from the ground or from temporary structures that the traders could build themselves. Gradually, trade became more organized, and trading rows appeared: meat, dairy, confectionery, and others. Wealthy merchants Tolmachev and Anosov built the first brick shops-warehouses in the square, which became the Market. Soon, temporary wooden stalls appeared at the market. The significance of the market grew along with the increase in the city’s population. By the mid-19th century, Tambov had become a center for grain and meat trade in the region.

Wagons with grain, barrels of meat, bags of vegetables, and other goods converged at the market. Retail and wholesale trade took place here. Autumn fairs were often accompanied by rain, making the approaches to the market impassable. At any time of the year, the square was noisy: horses neighed, traders shouted, porters argued, city guards whistled, and deceived merchants cried out. In different corners of the square, Russian songs played on the accordion. The market also had piles of rotten waste and a slaughterhouse, creating unsanitary conditions.

In 1866, work began on improving Market Square: six stone trading buildings were constructed, and the slaughterhouse was moved outside the city. In 1870, the square was paved with cobblestones, and the adjacent streets were partially paved for easier access. The small trading rows, preserved to this day, form a small rectangular square in the center of the market. In 1886, a complex of buildings known as the 'Trading Rows' was built, now a monument of architecture.

In the second half of the 19th century, the market changed significantly, becoming a place of attraction for townspeople. Improvements allowed for a wider variety of goods. The 'snack rows' stood out, where pancakes, dairy products, sausages, and other meat products were sold. Trade also included pickles and fish. Before Great Lent, the assortment changed to include fasting products. In the confectionery rows, halva, fudge, dried fruits, and other sweets were sold. The products were grown and prepared on local soil, and prices were low.

In the early 20th century, household goods could also be purchased at the market. From Bibikovskaya Street, they sold window glass and frames, ironware, furniture, dishes, and poultry. By the end of summer, apples, pears, and watermelons were sold under the awnings. Along the northern side of the market stood wagons with hay, and in winter, firewood was brought in.

Photographs from the early 20th century captured Market Square with one-story houses and trading rows. Frequent fires, such as in 1916, destroyed wooden structures. Market Square retained its purpose even during the years of wars. In 1938, it was renamed the Central Collective Farm Market Square, and the Christ the Savior Cathedral disappeared. Trade at the 'tolkuchka' continued during the war years, but the assortment was scarce. In the 21st century, the square underwent reconstruction, preserving the historical part free from buildings.