On December 28, 1958, by the decision of the Soviet government, a monument to Prince Alexander Nevsky was unveiled in Red Square of Pereslavl-Zalessky, next to the Spaso-Preobrazhensky Cathedral. The white cover was removed from the monument by the knights of the Order of Alexander Nevsky, local residents V. N. Krotikov and V. I. Gorshunov. The choice of this location for the monument is not accidental, as Pereslavl-Zalessky is the birthplace of Alexander Nevsky, who was born here in 1220 and owned the city as his ancestral estate throughout his life.

The monument is located on the site of the former ancestral estate of the prince, in the center of Red Square. It is a traditional bust, depicting the prince in battle attire, chainmail, and a helmet, resembling the actor Nikolai Cherkasov, who played Alexander Nevsky in Sergei Eisenstein's 1938 film. The bust is mounted on a granite pedestal, which features a copper memorial plaque with his name.