Philharmonic Square is one of the oldest squares in Chernivtsi. Once upon a time flour products were traded here, powder warehouses and barracks were located on the square, a prison, which were moved to the outskirts. The central building of the square, which determined its modern name, is the building of the Chernivtsi Regional Philharmonic, built in 1877 for the Bukovinian Musical Society. The most significant musical stars of the 19th century performed here: Fyodor Chaliapin and Enrico Caruso, Solomiya Krushelnitskaya and Arthur Rubinstein.

Since 1940, the Chernivtsi Philharmonic has been operating in a building with a concert hall for 557 seats. The ensemble of the square features a five-story building of the former Bristol Hotel with a stylized tower, in the basement of which there is a restaurant. In 2006, on the day of the city, a musical fountain was opened on Philharmonic Square, which pleases the audience in the evening with the play of water, light and music.