It was first erected in 1947 in remembrance of the Soviet liberation of Hungary during World War II, which ended the occupation by Nazi Germany. Its location upon Gellért Hill makes it a prominent feature of Budapest's cityscape.
The 14 m tall bronze statue stands atop a 26 m pedestal and holds a palm leaf. Two smaller statues are also present around the base, but the original monument consisted of two more originally that have since been removed from the site and relocated to Statue Park. The monument was designed by Zsigmond Kisfaludi Strobl. According to Kisfaludi Strobl, the design was originally made for the memorial of István Horthy and would in that role have featured a human child instead of the palm leaf that was a Soviet addition.