It was originally erected in the 16th century B.C. by the Pharaoh Thutmosis III in honor of the God of Sun Amon Ra in the city of Teb, Egypt, in front of the temple of Luxor. Brought to Istanbul by emperor Theodosius I in 390 A.D. for the decoration of the ancient Hippodrome. The approximately 19 meter high obelisk is covered on all four sides with hieroglyphic pictograms and stands on a marble base with many friezes depicting the Emperor and his family in the Hippodrome. After decoding the hieroglyphs, it has been discovered that last 5 or 6 meters of the Obelisk is missing from the bottom, probably was broken during the transportation.

For years it was left lying in a corner of the Hippodrome. In 390, during the reign of Theodosius I, it was erected with great difficulty. It is the oldest monument in the city and has always been considered magical. The obelisk rests on four bronze blocks on a Roman base decorated with reliefs. These depict the emperor, his children and other prominent personalities watching the races from the imperial box, as well as the spectators, musicians, dancers and chariot races. The obelisk measures 25.60 m including the base.