The square was the site of the 1990 Golaniad, a peaceful student protest against the ex-communists in the Romanian government. The demonstrations ended violently when miners from the Jiu Valley were called in by president Ion Iliescu to restore order in Bucharest (see: Mineriad).
In 15th century, here was the northern limit of the city. Around 1700, the limit was already around what is today Roman Square.
In 1679 was built here the Princely School, which in 18th century will become Princely Academy (a sort of university) and in 1818 will become St. Sava National School, then in 1857 the University of Bucharest.