The palace was built in place of the Constantin Brâncoveanu Inn, which was demolished in 1862, after its complete destruction due to the big fire in 1847. The plans of the new neo-classical palace were created by the romanian architect Alexandru Săvulescu, who was inspired by the Post Palace in Geneva, Switzerland.
The construction of the palace began in 1894, simultaneously with the start of construction of the CEC Palace, located opposite the new palace. The palace was inaugurated in 1900 as the headquarters of the Romanian Post.
In 1970, the Romanian Post moved on Dacia Boulevard and in the Post Palace was developed the National History Museum of Romania, which opened in 1972.
In 2012, a bronze statue with a height of 2.15 meters and weighing about 500 kg was placed on the steps of the palace. The statue represents the roman emperor Trajan.