On the fifth anniversary of Admiral Makarov's death, a gathering was held in his honor in Kronstadt, where it was decided to erect a monument to the outstanding naval commander. On the same day, a committee was formed to collect donations for the construction of the monument, and all officers and enlisted men of the fleet donated a quarter of their annual salary. The monument was created by sculptor Sherwood.

The creation of the monument, bas-reliefs, and pedestal took more than two years. Only on August 6, 1913, in the year of the 300th anniversary of the Romanov House, was the monument to Admiral Makarov solemnly unveiled in the presence of the last Russian Emperor Nicholas II.

The sculpture, over three and a half meters tall, is set on a five-meter pedestal made from a solid fragment of granite rock. This granite was originally intended for a monument to Emperor Paul I, but the barge carrying it sank in the Vyborg Bay. For over a hundred years, the granite lay on the bottom until, in 1911, Nicholas II ordered it to be raised, consecrated, and used for Makarov's monument. During transportation, the upper part of the 160-ton block broke off, but the remaining part was delivered to Petrovsky Park and faced with marble.

The monument is executed with extraordinary expression: it seems that Admiral Makarov is about to step forward. On three sides of the pedestal are bas-reliefs reflecting stages of his life. One depicts the explosion of a Turkish vessel during the Russo-Turkish War, when on January 14, 1878, Makarov conducted the first successful attack by torpedo boats in the outer Batumi raid, sinking the ship 'Intibah'. The second bas-relief shows the Arctic voyage of the icebreaker 'Ermak', built under Makarov's supervision. The third bas-relief depicts the explosion of the battleship 'Petropavlovsk', where the admiral perished.

The bronze figure of the admiral stands, overcoming the wind, as seen by the flaring ends of his overcoat. At his feet rises a bronze sea wave, symbolizing the Japanese dragon. The admiral's right hand is in the pocket of his overcoat, while his left, frozen in the air, seems to indicate the course of the ship.

The monument is located at Anchor Square in Kronstadt, in front of the Naval Cathedral. The sculpture and bas-reliefs were cast in bronze at one of the best foundries in St. Petersburg, managed by Karl Robekki. The anchor chains and anchors that make up the monument's fence were provided from the stores of the Kronstadt military port.