The square has its origins in the defensive walls constructed in the Middle Ages to protect the city. The site of Rembrandtplein held a Regulierspoort or gateway into the city.

As part of the celebration of the artist's 400th birthday in 2006, a bronze-cast representation of his most famous painting, The Night Watch, by Russian artists Mikhail Dronov and Alexander Taratynov was displayed around the Royer work.

It is one of the most popular squares of Amsterdam. At daytime and special at night it's a place with many bard, cafes and clubs.