Rosa Luxemburg Square was founded in Kharkov in the second half of XVII century. Since that time it had different names - Lobnaia, Narodnaia, Torgovaia and Pavlovskaia. The square was a place where the Uspenska and Pokrovska Fairs, as well as the main bazaar of the city were located. There was a milestone that indicated the distance from Kharkov to other Ukrainian cities. At the same time, it was a place of public punishment and announcement of government decrees. The square played a role of "business center" of the pre-revolutionary and Soviet Kharkov.
Among the attractions located in the square since ancient times, there is a Poshtovyi Dvir (Postal yard), situated on the southeast corner of the Universytetska Street, and a place of execution, which is located nearby.
In the XIX century, a lot of low store buildings were built in the square. Among them was a magnificent house of the merchant Pavlov, which was later converted into a small theater, and then became a hotel. However, during the Great Patriotic War the house burned down, and the rest of the square was destroyed.
In 1912, Krestianskii Dom (Peasant House) was erected in the square. It included a hotel with the dining room and hall for classes. The building was designed in the style of Ukrainian modern. Nowadays, there is Kharkov City Bureau of Technical Inventory.
In 1933, the first in Kharkov Central Mall was built in the square of Rosa Luxemburg. It was designed by architect Aleksander Linetskii in a constructive style with frame structure and almost without decorative elements. During the war years, the Mall was destroyed, but in 1954, the building was reconstructed.
The square has other architectural attractions – Dvorets Truda (Palace of Labour), the hotel "Astoria" and a former Merchant Bank (nowadays - Prominvestbank).
In 2001, the square of Rosa Luxemburg hosted a celebration of a decade of independence of Ukraine. There was erected 16-meter bronze tower - the Monument to Independence. At the top of the monument was a falcon with wings in the shape of trident. However, in 2011, the Kharkov authorities decided to dismantle the monument.