The square occupies a piece of land given to the city in 1844 by an English engineer who worked in the neighbouring mines. That is why the place was initially called Nueva Londres, before being christened Villanueva. In 1871, the square was renamed in honour of Simón Bolívar, an equestrian statue of whom was added in 1923. The streets that lead off from the square have been named in memory of El Libertador. The first Saturday of every month, the Parque de Bolívar hosts the Mercado Artesanal de San Alejo.