Despite the fact that many Belgraders consider the Republic Square or Kalemegdan to be the city's centerpiece areas, Terazije is Belgrade's designated center. When street numbers are assigned to the streets of Belgrade, numeration begins from the part of the street closest to Terazije. Terazije itself is also a short street, connected by the King Milan Street, the main street in Belgrade, to the Slavija square, by the Nikola Pašić Square to the King Alexander Boulevard, the longest street in Belgrade, by Prizrenska street to the neighborhood of Zeleni Venac and further to Novi Beograd, and by the Kolarčeva street to the Square of the Republic.
Terazije started to take shape as an urban feature in the first half of the 19th century. In the 1840s, Prince Miloš Obrenović ordered Serbian craftsmen, especially blacksmiths and coppersmiths, to move out of the old moated town where they had been mixed with the Turkish inhabitants, and build their houses and shops on the place of the present square. Also, the move was intended to prevent the fires being lit all over the town. Ilija Čarapić, the president of the Belgrade Municipality 1834-35 and 1839–40, had a special task to assigning lots of land at Terazije to these craftsmen and whoever accepted to fence the lot, would have it for free.
With regard to the origin of the name Terazije, the historian and writer Milan Đ. Milićević noted that "In order to supply Belgrade with water, the Turks built towers at intervals along the water supply system which brought water in from the springs at Veliki Mokri Lug. The water was piped up into the towers for the purpose of increasing the pressure, in order to carry it further." One such tower was erected on the location of the present fountain at Terazije and the square was named after the Turkish word for water tower, terazi (literally, water scales).
Up to about 1865, the buildings at Terazije were mainly single and double-storied. The water tower was removed in 1860 and replaced by the drinking fountain, Terazijska česma, which was erected in to celebrate the second rule of Prince Miloš Obrenović. During the first reconstruction of the square in 1911, the fountain was moved to Topčider and moved back again in 1976. The square went under significant changes in 1911-1912, when it was completely re-arranged. Along the central part of the square regular flower beds were placed, and they were surrounded by a low iron fence, while on the side towards today's Nušićeva street a large fountain was built. At the end of the XIX and beginning of the 20th century, Terazije was the centre of social life of Belgrade.
Another massive reconstruction happened in 1948, the main square in Belgrade was narrowed, flower beds and double tram tracks from both sides were removed and a number of modernist buildings were constructed, forming a Square of Marx and Engels (present Square of Nikola Pašić) in the 1950s.
For a short period after the World War II when Belgrade was administratively reorganized from districts (rejon) to the municipalities in 1952, Terazije had its own municipality. However, already on January 1, 1957 the municipality was dissolved and divided between the municipalities of Vračar and Stari Grad. Population of the modern local community (mesna zajednica) of Terazije was 3,338 in 2002, with several smaller communities which make the neighborhood 11,104.
Notable buildings at Terazije throughout history
As the central and one of the most famous squares in Belgrade, it is the location of many famous Belgrade buildings: The most important hotels, restaurants and shops are and were located here. Of the important buildings, which used to be or still are at Terazije:
- Hotel Paris (built during the 1870s at the spot where Bezistan shopping area is located today. Hotel was demolished during the reconstruction of the square in 1948).
- Kod zlatnog krsta kafana (Serbian for 'By the Golden Cross'; where the first film was shown by the Lumière brothers on June 6, 1896, used to be at the spot where Dušanov grad is located today).
- The old Hotel Kasina (built around 1860, next to Hotel Paris. At this hotel, in 1918 the National Assembly of Serbia held its meetings for a while. The plays of the National Theatre in Belgrade have been performed here until 1920. The present Hotel Kasina was built at the same place in 1922) .
- Takovo restaurant and cinema.
- The original shape and still voted as one of the most beautiful buildings in Belgrade Hotel Moskva stands, built in 1906, with its famous façade made of ceramic tiles.
- The biggest McDonalds restaurant in the Balkans.
- Palace Albania, built in 1937, the first high rise in Belgrade and the highest building in the Balkans before World War II.
- Theatre on Terazije, the Serbian equivalent to Broadway staging numerous musical productions and adaptations from around the world. The theatre is one of the most modern in Belgrade being reconstructed in 2005.
Terazijska Terasa (Serbian Cyrillic: Теразијска тераса) or Terazije Terrace is a slope coming down from the 117  meters high Terazije Ridge (on top of which Terazije is built) to the right bank of the Sava river. Differently called throughout history (Zapadni Vračar, Savamala), it is notorious as an active mass wasting area. It begins from the Kalemegdan ridge, Terazije and King Milan's street and parts of its slope comprise the small park between the Balkanska and Prizrenska streets so as the neighborhoods of Zeleni Venac, Savamala and Bara Venecija. Itself, it is a part of the larger, 300 meters long Sava Ridge.
The top of the area is an excellent natural lookout point to the Sava river valley, Novi Beograd and further into the Syrmia region. The future of the terrace is a subject of public and academic debate ever since the 19th century. First general plan for it is from 1912 by the French architect Alban Chamond which envisioned it as the cascades of trapezoid piazzetas with flowers and fountains, leaving the panoramic view intact. In 1923 a project for constructing a terrace-observation point was made. In 1929, Serbian architect Nikola Dobrović's plan was accepted. He projected two tall business buildings on the both ends of the ridge and a plateau between with several small business and leisure objects, while the slope itself would be a succession of horizontal gardens, pools and fountains. In the 1990s Dobrović's plan was reactivated, but the temporary park remained. In 2006 a new tender for architectural solution for Terazije Terrace was organized, but it is still not decided how exactly it will look like. However, one of the business buildings on the sides, a large intelligent building business complex, in the Balkanska street, is under construction.
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