The monument, located in Krasnodar at the intersection of Krasnaya and Budyonny streets, has an amazing history. It was erected in honor of the 200th anniversary of the Kuban Cossack Army, celebrated in 1896, and was opened in 1897. For several decades, the monument, along with the Alexander Triumphal Arch and the monument to Catherine II, served as a hallmark of Yekaterinodar. In the early 1930s, it was destroyed, but restored in 1999.

In 1891, the Kuban Cossacks began preparations for the 100th anniversary of their resettlement to Kuban, but on the recommendation of the Ministry of War, it was decided to celebrate the 200th anniversary of the army, counting its history from 1696, when the Khorol Cossack regiment was formed, which became part of the Kuban Cossack Army in 1860.

The Yekaterinodar City Duma allocated 5000 rubles for the construction of the monument, and the project was entrusted to the famous Kuban architect Vasily Andreevich Filippov. By 1896, the monument was not completed, and during the celebration of the army's 200th anniversary, the city mayor V. S. Klimov presented a photograph of the obelisk model to the acting ataman Ya. D. Malama. The solemn opening of the monument took place on May 7, 1897, accompanied by public festivities.

The monument was a fourteen-meter obelisk made of local stone, topped with a gilded sphere and coat of arms. Iron plaques with inscriptions and bas-reliefs were placed on its sides. The facade bore the inscription: "1696-1896," while the pedestal featured the coat of arms of the Kuban region and an inscription about the gift from the Yekaterinodar society. On the opposite side was the monogram of Nicholas II and an inscription about the 200th anniversary of the army formed in 1860. On the eastern side was the monogram of Peter I and a mention of the capture of Azov in 1696, while on the western side, the initial of Catherine II and an inscription about the valiant Cossacks of the Black Sea Army.

In the 1920s, the two-headed eagle was removed from the obelisk, and in the early 1930s, the monument was destroyed. In 1999, for the 300th anniversary of the Kuban Cossacks, the monument was restored to its original location. The restoration project was carried out by sculptor Alexander Alekseevich Apollonov and architect Oleg Nikolaevich Kobzar, and the monument was ceremoniously reopened on October 16, 1999.