The monument is dedicated to the navigator Vitus Bering, who led the Second Kamchatka Expedition. The need for a wintering site for the expedition led to the founding of Petropavlovsk-Kamchatsky in 1740. The first mention of the monument dates back to 1827, when Frederick William Beechey visited the port of Petropavlovsk-Kamchatsky and noted:

"...in the governor's garden there is a monument to our compatriot Captain Clerke. It is located on one side of a wide gravel path, at the end of the alley. On the other side stands a monument in honor of Bering."

Beechey had not previously mentioned this monument, suggesting that it was established around this time.

In the following years, the monument was moved several times for various reasons. Initially, it was relocated to the grounds of the Petropavlovsk Cathedral, then in the 1930s it was installed opposite the 'Polar Star' cinema (now Lenin Street). The monument was moved to its current location by the decree of the Petropavlovsk City Council executive committee on October 16, 1945.

The monument consists of a two-meter metal column on a small pedestal, resembling a cannon barrel, with a capital on top. The upper plate of the capital is adorned with a lotus flower, in the petals of which lies a cannonball. On the four sides of the metal pedestal are bas-relief images of laurel wreaths with two crossed torches. The monument is set on a massive base of hewn stone, to which an iron plate is attached with the inscription: "To the founder of Petropavlovsk in 1740, navigator Vitus Bering."

The cannon barrel and the cannonball, separated by the lotus flower, symbolize courage, determination, and purity of intentions.