Named after Field Marshal Karl Philipp Prince Schwarzenberg.
Karl Philipp zu Schwarzenberg (1771–1820) was supreme commander of the allied armies that defeated Napoleon at the Battle of Leipzig on 16–18 October 1813. The square was named after him on 9 June 1880, and his monument stands here. From 1946 to 1956 the southern part of the square was called Stalinplatz.