This street, located in one of the most picturesque parts of Karlovy Vary, the West End, runs at the foot of wooded hills. At the end of the 19th century, it did not yet exist and was merely a path. On the 1897 map, it is marked as "Continuation of Schlossberg Street," not "Schlossberg Street," as is sometimes mistakenly indicated on the Internet. The name is related not to a character but to the Fortress Mountain, also known as "Castle Hill," which in German is "Schlossberg."

Schlossberg Street ended at the site where the Anglican Church of St. Lucas now stands, built in 1877 on a plot that Count A.I. Musin-Pushkin chose for the Russian Orthodox Church in 1863. The Karlovy Vary City Council provided this plot to the Russian community free of charge, but it was not used due to a lack of funds.

The section of the street was named after Peter the Great in the 20th century, after the construction of the Russian Orthodox Peter and Paul Church in 1893-1897 in the block bounded by Parkstrasse, Schlossberg, and Neue streets. After the dissolution of the Austro-Hungarian Empire, the German street names were replaced with Czech ones: the first became Sadová, the second, Zámecký vrch, meaning Castle Hill, and the third, Krále Jiřího Street (King Jiří's Street).

On the odd side of Peter the Great Street, there are no houses; it begins the park area of Fortress Hill. At the very beginning of the street, near the Anglican Church, a pedestrian path called Savova stezka leads up the hill. In house 18, the "Silva" mansion, built in 1894 at the corner with Sadová Street, has housed the Russian Consulate General since 1972. Opposite, in the clearing, there is a monument to Karl Marx. The Orthodox Church is located in house 26, where Peter the Great Street intersects with King Jiří's Street and ends. Further up is Křižíkova Street.