The monument was erected by the order of Emperor Nicholas I. The work on its creation was carried out under the guidance of the Minister of Finance of Russia E. F. Kankrin in the early 1840s. The aim was to immortalize the memory of the battles of the Patriotic War of 1812 by establishing majestic monuments at the sites of six major battles: in Borodino, Smolensk, Krasnoe, Kovno, Polotsk, and Maloyaroslavets. As a result of a competition, the project of architect Antonio Adamini was chosen.

The site for the monument was selected in the central square. In June 1836, Colonel Yakovlev noted that it was convenient both in size and in the beauty of the surrounding buildings.

Parts of the cast-iron monument were cast at the Alexandrovsky Foundry in St. Petersburg by order of the Department of Mining and Salt Affairs of Russia. On May 14, 1843, the monument was ready and delivered to Maloyaroslavets, mainly by river. The assembly and installation of the monument were also carried out by craftsmen from the Alexandrovsky Foundry under the guidance of M. G. Kovatyev.

The laying of the monument took place on August 26, 1844, and on October 29, 1844, the Monument of Glory was solemnly opened in the presence of the Vice-Governor of the Kaluga Province A. N. Khitrovo, the grandson of Field Marshal M. I. Kutuzov, Bishop Nikolai of Kaluga and Borovsk, and veterans of the Maloyaroslavets battle.

The 22-meter monument was an octagonal pyramid with an onion-shaped scaly top and a gilded hexagonal cross. The monument was adorned with relief copper swords piercing laurel wreaths, Corinthian columns with scaly tops, and double-headed eagles. The wings of the eagles were spread, and on their chests were copper ovals with the inscription '1812'. Between the columns were decorative medallions in laurel wreaths. The pedestal of the monument was decorated with a gilded bronze inscription: 'The limit of the attack, the beginning of the flight and destruction of the enemies. The battle of Maloyaroslavets on October 12, 1812.' The monument was surrounded by a fence made of massive cast-iron chains supported by 32 cast-iron pedestals.

In 1932, the monument was destroyed as 'having no historical-architectural and artistic significance,' and was restored only in 2010.