It bears the name of the great Bulgarian writer, journalist and public figure Petko Rachov Slaveikov (1827 - 1895).
In 1879 he came with his family in Sofia and bought a house in the square. Before the liberation from Ottoman domination, the square was located in the Kafene Başi neighborhood.
The big café, which gave the name of the neighbourhood, was destroyed after 1878.
The current dimensions of the square date from the early twentieth century.
Today, it is known as an open-air bookstore, a cultural centre and a social networking area, where the spirit of old Sofia has been preserved.