The Faceted Chamber was founded in 1487 by the Italian master Marco Friazino as a ceremonial throne room for official receptions in the new palace of Grand Duke Ivan III. The construction was completed in 1491 by the Lombard architect Pietro Antonio Solari.

The building is made of brick. The reception hall is a single-column chamber, covered by four cross vaults, and is located on a high basement floor. To the west, it adjoins the ceremonial Holy Vestibule, which is accessed from the south by an open stone staircase known as the Red Porch. The square chamber, covered by vaults resting on the walls and a central column, is typical of Russian civil architecture of the 15th-16th centuries. For two centuries, the Faceted Chamber, with an area of 495 square meters, remained the largest hall in Russian architecture.

The name of the chamber is associated with the architectural decoration of the main eastern facade, which faces Cathedral Square. It is clad in white stone blocks, each processed on four sides, a technique known as "diamond rustication" that is characteristic of Italian Renaissance architecture. The side facades had smooth brick surfaces painted "to look like brick." The Faceted Chamber originally featured a high four-pitched gilded roof, but in the 19th century, it received its current low three-pitched covering. The window openings originally had the shape of paired pointed arches, separated by a column-impost and framed by a rectangular frame, similar to the windows of Italian palazzos. The existing windows with Baroque moldings date back to the last quarter of the 17th century.

The protruding volume of the chamber with its richly decorated main facade, creating deep light and shadow, actively influences the architectural appearance of Cathedral Square.

In the 16th century, the walls and vaults of the chamber were painted with frescoes. In 1668, the painting was updated by Simon Ushakov, who compiled a detailed inventory of the subjects. The surviving paintings were executed by Palekh icon painters in 1881 according to Ushakov's inventory.

During the construction of the Grand Kremlin Palace from 1838 to 1849, the Faceted Chamber was included in the new complex of palace buildings and connected through the Holy Vestibule to the Vladimir Hall.

During the restoration in 1967-1968, the unique carved white stone portal in the western wall of the chamber and the relief decor of the central column were restored. In 1992-1994, the Red Porch, dismantled in the 1930s, was rebuilt.

Today, the Faceted Chamber serves as one of the representative halls in the Residence of the President of the Russian Federation.