It was earlier known as the 'Octarloni Monument' or in short 'monument'. This was erected in 1828 to commemorate the victory of British army under David Octarloni over the Nepal army in 1814. Charles Nolis had made the blueprint of this monument. Its builder was J.P. Parker. A fund was collected to erect this monument. Its cost was Rs. 35,000 in those days. 
The construction of the monument encompasses an architectural variety. The foundation followed an Egyptian style whereas the body of the Minar and the dome resembled Syrian and Turkish designs respectively. The Minar is 158 ft. high. It has two balconies at the top. One can reach the balcony by using the serpentile staircase. 198 stairs lead from the bottom to the first balcony. From here 25 more stairs lead to the second balcony. 
In 1969, the Monument was rechristened as the 'Shahid Minar' to commemorate the Indian freedom fighters. Different political parties convene meetings, rallies and seminars behind the Shahid Minar at present. 
The custom of convening political seminars started in 1931 when a historical convocation took place here which was presided by Rabindranath Tagore. The humanitarian poet had severely condemned the vandalism of the imperialist British Government which had shot a youth dead in the Calabooze in Hizli. Few years ago, the dome of the 'Minar' was coloured which kicked off a storm of protest. 
One can have a panoramic view of Calcutta from the top of Shahid Minar. From there, the much-known Calcutta is transformed into an enigmatic fantasy land. But one can not get at the top of the Minar at one's sweet will. For that, one has to secure permission from the Deputy Commissioner of Police, Lal Bazar (Enquiry) by signing a bond that the venture is undertaken at one's own risk.