The monument is situated on Phahonyothin Road. It was constructed in 1941 under the premiership of Field Marshal Plaek Pibulsongkhram in order to praise the heroic deeds of soldiers, policemen and civilians who sacrificed their lives in a dispute between Thailand and France on the demarcation between Thailand and other Indochinese nations. The dispute ended with a compromise being agreed by the two parties, and 59 casualties. Victory Monument was, therefore, established as a memorial to their bravery.

Now the area around the monument is also a major traffic center, with a roundabout and six majors roads coming into it.. Thankfully, the BTS Skytrain also stops here, alleviating some traffic jams.