Actually, the square acts as the entrance to the City Park, the public park of Budapest. At the center is the Millennium Monument, the 1000 year monument, built in a semi-circular shape. The establishing of the monument began in 1896, to commemorate the conquering of Hungary by the Magyars - with its roots in the Urals and western Siberia. The Magyars wandered to Hungary in the 8-9th century, and settled. They represent the ancestors to most of Hungary's residents today.
At the center of the monument there is a marble column, 36 meters tall, and at the top is a statue of Gabriel, the symbol of Catholic Christianity, holding in his hand the holy crown and a large cross, just like the legend tells about the King of Hungary, Stephen I, did in his time.
On both sides of the marble column are statues with 7 central figures from Hungarian history. These were the leaders of the Magyars tribes who conquered Hungary. On both sides of the monument the story is told of the past 1000 years in Hungary, with plaques and different statues.
Today many protests and gatherings take place here, as this place represents a meeting place in the city center. There are also formal governmental ceremonies that take place here.
With the history in the square, there are 2 ingredients in the Heroe's Square of great significance: The Art Gallery which was established in 1896, and the Art Museum that was added to the square in 1906. the Millennium Monument connects between the two.