The monument to A.V. Koltsov in Koltsov Square, one of the oldest in Voronezh, was installed second after the monument to Peter I. The initiative to install the sculpture was taken by the poet's sister, A.V. Andronova, who also organized fundraising through subscriptions.

The sculptor Augustino Triscorni from St. Petersburg, of Italian descent, created the monument based on a sketch by Voronezh artist A.A. Kyui. Made of white Carrara marble, the monument is designed as an elegant bust on a high pedestal in a classical style with antique elements. The pedestal is adorned with projections, wreaths, garlands, and rosettes and is shaped like a slightly tapering prism with a decorative finish. The front of the monument bears the inscription "Alexey Vasilievich Koltsov." After the monument was installed, a tradition emerged to plant palm trees in pots around it.

The monument was unveiled in the center of Voronezh on October 27, 1868, at a ceremonial event attended by the diplomatic representative of the USA in the Russian Empire, E. Skyler, a fan of the poet's talent.

In the early 20th century, Koltsov Square was created around the monument. In 1871, a metal fence was installed around the square, and in June 1876, a fountain began operating next to the monument.

Initially, the monument was located on the central alley of the square, facing Plekhanov Street. After reconstruction, it was moved to a new location in the square, turning its back to Lenin Square.

In 1942, when the Right Bank part of Voronezh was occupied by German troops, the monument was unharmed, but a military cemetery was arranged around it. After the city was liberated by Soviet troops, the cemetery was dismantled, and the square was replanted with new trees.

In 1960, the square was expanded, and in 1977, the fountain was replaced with a musical fountain.

For the 200th anniversary of the poet's birth in 2009, the square was renovated, and its territory was improved. The facing marble slabs on the monument were replaced with more durable granite.