The monument to Nikita Demidov is located in the square in front of the Nikolai-Zaretsky Church in Tula, near the bridge over the Upa River. Nikita Demidovich Antufyev, known as Nikita Demidov, was a Russian industrialist and the founder of the Demidov dynasty. After his death, he was buried in the cemetery near the wooden church that existed earlier. When the stone church was built, his tombstone was moved to the chapel next to it, but the exact burial site was lost over time.

The city administration decided to erect a monument in honor of several commemorative events celebrated in 1996, including the 340th anniversary of Demidov's birth and the 300th anniversary of the founding of his metallurgical plant. The monument was unveiled as part of the City Day celebrations in 1996. The project was created by sculptor A.I. Chernopyatov and architect P.M. Zaitsev.