The monument to A.V. Koltsov was solemnly opened in October 1976 on an elevation created in the square after the demolition of old buildings. The authors of the monument were sculptors P.I. Bondarenko and I.A. Savichev.

The height of the monument is 10-11 meters. It is made in a style characteristic of Soviet monumental sculpture: the figure of the poet is made of large granite blocks and is only partially detailed. The sculpture seems to rise above the hill. Not all residents of the city appreciated the monument, and in 1997 it was moved deeper into the park, closer to the entrance of the drama theater (now the Voronezh Concert Hall) and further from the Pokrovsky Cathedral, and the elevation was removed.

The monument consists of five parts, each weighing 6-8 tons, which are held by their own weight. The base weighs about 70 tons, and the total mass of the monument is approximately 85 tons.

There is an urban legend that initially a statue of Dzerzhinsky, Stalin, or a Latvian shooter was created, but it was not in demand. When the order for the Koltsov monument came in, sculptor Bondarenko replaced the head of the Soviet figure with the head of the poet. In support of this version, a greatcoat is mentioned that the poet never wore.

On June 17, 2017, the monument was dismantled during the reconstruction of Soviet Square and moved behind the diorama museum. It was planned to reduce the pedestal and install the monument on Koltsov Boulevard on Koltsovskaya Street. On August 24, 2018, the monument was installed in its new location.