The Square is the former site of the forum built by Emperor Theodosius in 393 BC which was the largest square of the city. It was called as Forum Tauri (Bull Forum) due to the bronze bull heads on the huge arch of triumph in the centre of the forum area. There are only a few marble blocks and columns survived from this arch of triumph with the statue of Theodosius on it and nothing survived from the monumental fountains on the north of the forum.

On the north where Sultan Mehmet the Conqueror built his first palace in Istanbul resides today the Istanbul University. The entrance of the university, the monumental gate and the fire tower in the courtyard are built in the 19th century. The square is named after the Beyazıt Mosque on the east neighbouring the busy and crowded Grand Bazaar and there are a madrasa (Islamic school), a bath and shops remains today from the complex of the mosque.