The column of Pedro IV is located on Rossio square, right in the middle. The monument was erected in 1874 and the area became known as Pedro IV Square. But this name never caught on, the area was returned to its old name. Rossio square was and still is one of the main squares of Lisbon since the middle Ages. The modern name "Rossio" - a tribute to the king of Portugal Pedro IV, who was also the first Emperor of Brazil (Pedro I). The square is surrounded by fountains, flowerbeds and very picturesque.

A bronze statue of the king is set to high Corinthian column. At the base of the column are four allegorical female figures: Justice, Wisdom, Power, and Restraint. It is these qualities and was endowed by the king Pedro IV. There is a legend that it was originally planned for the top of the column to install the statue of the Emperor of Mexico Maximilian. But the Emperor of Mexico in 1867 was killed. The news that the Emperor is dead, was obtained when the statue was almost completed and would be installed on the column on the square. But historians and restorers who conducted the restoration work in 2001, refute this legend, paying attention to the elements of the statue, which clearly indicate the authenticity of the Portuguese king, namely: Portuguese coat of arms and the chain of the Military order of the tower and sword, valour, loyalty and merit, knight of the order of Portugal. The order has been awarded for military and civil merit. During his reign, king Pedro IV reformed the order, and the order became known as the most Ancient and most noble order of the tower and sword, valour, loyalty and merit.