An important event in the history of the city, the visit of Russian Tsar Peter I to the resort in 1711, is commemorated by the installation of a monument that attracts the attention of all vacationers. The bust of Peter I adorns one of the hills of Karlovy Vary, known as Peter's Peak. It rises above the city, creating the impression that the tsar is surveying the surroundings, just as he did during his horseback rides. Some sources mention that the tsar rode his horse up the rough terrain to the top of the hill, from where a magnificent view of the city opened up. Today, Peter's Peak can be reached by funicular or on foot via one of the hiking trails laid through the forest.

The sculptor Tomáš Seidan, who lived in Prague and was known beyond its borders, created the monument to Peter I. His works also adorn the Old Town Hall and the Prague House of Invalids.

The bust of the emperor is made of sandstone, which turned out to be quite a fragile material. Under the influence of rain and wind, it gradually deteriorated. From 1877 to 1909, the bust stood on a rock until it was replaced with an exact copy.

Nearby, there are memorial stands with quotes from poems dedicated to the great Russian emperor, written by A. de Chabo and P. Vyazemsky. At the foot of the monument, there is an observation deck.