In the mid-19th century, a temporary crossing stood at the site of the current bridge, which dissatisfied the residents of St. Petersburg due to its unreliability. They appealed to the authorities to build a permanent bridge. For a long time, their requests went unanswered, but in 1900, a decision was finally made to construct a wooden bridge.

A competition for designs was announced, which dragged on for 10 years. Initially, the city authorities could not choose a suitable architect, and when a choice was made, it turned out that the project was too expensive for the city budget. As a result, the search for a contractor continued until 1909, when a contract was signed with Pshenytsky.

The architect of the bridge was Andrzej Pawłowicz Pshenytsky, who is sometimes referred to as Andrey, but it is important to remember that he was a Polish architect. The design and decoration of the bridge were handled by Robert-Friedrich Meltzer, a native of St. Petersburg.

In the 1930s, during the bridge's renovation, the wooden railings were replaced with cast iron ones. The author of the new artistic design was Igor Vsevolodovich Krestovsky. His surname has no relation to Krestovsky Island in St. Petersburg, although foreign tourists often inquire about this.

Palace Bridge has a total length of 250 meters and consists of five spans. The central span is the largest and drawbridge.