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In 1928 an initiative committee was established in the town of Chepelare, whose task is to provide a fund for the construction of a monument dedicated to the heroes of the Serbian, Bulgarian, Balkan and the First World War. The first major proceeds in the fund began in 1935. In the following 1936, a special "Golden Book" was opened for the perpetuation of this case, recording all the cash receipts, wishes and emotional revelations of the donors. On the first page of the "Golden Book" there is an autograph of Tsar Boris III, dated May 6, 1936.
The monument was built by local builders, opened on 08.08.1937.
In 1995, in connection with celebrating the 50th anniversary of the Second World War, a plate was placed with the names of those killed in World War II next to the monument.