By the decision of the Municipal Council on March 5, 2010, a monument to Tsar Alexei Mikhailovich Romanov, the founder of the city, was installed in the Central Square of the city of Novy Oskol. The solemn opening of the monument took place on August 27, 2010, during an off-site meeting of the Belgorod region government led by Governor Evgeny Savchenko.

The sculpture of Tsar Alexei Mikhailovich is made with portrait likeness and depicts him sitting on a throne. The tsar is made of bronze and holds a scepter and orb, symbols of royal power. The height of the sculpture is 3 meters, and its weight is 2 tons. The pedestal made of black granite is 2 meters high and is adorned with bronze relief images weighing about a ton. Eight steps, each 15 centimeters high, lead up to the pedestal.

The facade relief, measuring 130x95 centimeters, depicts a certificate with an excerpt from the royal decree on the founding of the city of Tsarev-Alekseev. Two side reliefs, each measuring 250x95 centimeters, are made of bronze: one depicts a cross and an ark with the names of 44 martyrs, while the other shows the social estates of the Zemsky Assembly with the inscription "Let there be a Zemstvo." The rear relief of the same size contains information about the creators of the sculptural composition.

The monument was manufactured at the Litart factory in Zhukovsky, Moscow region. The architect was Oleg Sergeyevich Medvedev, and the sculptor was Sergey Olegovich Medvedev.

In 1647, Tsar Alexei Mikhailovich ordered the construction of a city on the Oskol River and named it "Tsarev-Alekseev." In 1655, the city was renamed Novy Oskol. In 1648, the tsar gifted the city a silver-gilded cross with the relics of Saint Great Martyr Paraskeva Friday, which have survived to this day and are kept in the Assumption Cathedral of Novy Oskol.

The silver cross was lost during a Tatar raid and fire, but the residents managed to save the miraculous icon of Paraskeva Friday and a part of the holy relics. The children of Alexei Mikhailovich, Tsars Ivan, Peter, and Tsarevna Sofia Alexeyevna, gifted the Assumption Cathedral a new silver-gilded cross with the relics of 16 holy servants of God.