The monument is executed in the style of late classicism and represents a bronze sculpture on a cylindrical pedestal. The pedestal is made of polished pink granite with gray inclusions, has a high base and a profiled cornice. On its front (southern) side, the inscription "LOMONOSOV 1829 YEAR" is engraved, and on the back, "TRANSFERRED 1867 YEAR, and 1930 year." The pedestal is set on a two-tiered base made of gray granite blocks. The monument consists of two figures: Lomonosov standing in a Roman toga and a naked winged genius, kneeling on his left knee, presenting him with a lyre. Both figures are placed on a convex hemispherical base, symbolizing the northern part of the globe. The letters E and P, the monogram of Empress Elizabeth Petrovna, are carved on the lyre. The base has inscriptions: on the back of the monument, "PRODUCER G. DѢIСТВ. STAT. COUNCIL. AND P. MARTOS 1829 YEAR," and on the front side, "HOLMOGORY." The monument to M. V. Lomonosov was included in the List of monuments of art subject to protection as monuments of state significance, by the resolution of the Council of Ministers of the RSFSR dated August 30, 1960, No. 1327.

The project for the monument to Mikhail Lomonosov was initiated in 1825 by the Bishop of Arkhangelsk and Kholmogory Neophyte (Dokuchaev) and supported by the Arkhangelsk Governor-General Admiral S. I. Minitskov. They raised over 2,000 rubles through subscriptions in Arkhangelsk (including Minitskov's donation of 200 rubles), but realizing that this was insufficient, they appealed through the Minister of Public Education A. S. Shishkov to Emperor Alexander I for a nationwide subscription. In March 1825, the emperor approved the initiative, and the announcement of the subscription appeared in the "Saint Petersburg Vedomosti."

Donations for the creation of the Lomonosov monument were made by the Imperial Academy of Sciences (1,000 rubles), officers of the 2nd Army of Count Wittgenstein (1,000 rubles), officers of the Internal Guard Corps (1,584 rubles), officers of the Naval Department (897 rubles), officers of the Kazan Educational District (876 rubles), officers of St. Petersburg University (200 rubles), Counts D. I. Khvostov (3,345 rubles), S. I. Vorontsov (2,000 rubles), N. S. Mordvinov (200 rubles), V. G. Orlov (500 rubles), N. P. Rumyantsev (500 rubles), S. P. Rumyantsev (300 rubles), D. N. Sheremetev (300 rubles), S. S. Uvarov (200 rubles), Princes S. M. Golitsyn (200 rubles), D. V. Golitsyn (100 rubles), Y. V. Dolgorukov (100 rubles), Moscow noble leader P. K. Obolyaninov (100 rubles), generals-adjutants V. V. Levashov (100 rubles), I. F. Paskevich (100 rubles), and A. A. Zakrevsky (100 rubles), Metropolitan of Kiev Eugene (545 rubles), Bishop of Kharkov Vitaly (300 rubles), St. Petersburg merchants (1,000 rubles), Arkhangelsk merchants Amosov, Brant, and Grel (600 rubles), the Arkhangelsk petty bourgeois society (300 rubles), and ordinary petty bourgeois, peasants, merchants, and priests. Lomonosov's granddaughter, Sofia Alexeyevna Raevskaya, sent one thousand rubles, but at her request, this donation was noted as coming "from an unknown noble person." The largest donation, 5,000 rubles, was made by Nicholas I. The subscription, which lasted ten years until 1835, raised a total of 53,395 rubles and 3.5 kopecks. A significant contribution to the organization of the subscription and the construction of the monument was made by the poet and statesman D. I. Khvostov, who attracted donors from the high society of St. Petersburg and helped overcome bureaucratic obstacles.