The ancient Hippodrome, scene of chariot races and the centre of Byzantine civic life, stands in the area that is now in front of the Blue Mosque, and now part of Sultanahmet. Of the ornaments which once decorated it, only three remain: The Obelisk of Theodosius, the bronze Serpentine Column, and the Column of Constantine. Remains of the curved end of the Hippodrome wall can be seen on the southwest side of the three.

Today, the square forms the centre of Istanbul's historical, cultural and tourist life, and the surrounding wooden houses - especially the 18th century ones on Sogukcesme Sokak - were recently restored giving them a new lease of life as small hotels.