Schillerplatz was created in the course of the construction of Friedrichstraße, which began in 1805. The horse pond in front of the New City Gate was removed and the square-like extension of Friedrichstraße was given the name "Friedrichsplatz" in 1817. On the occasion of Friedrich von Schiller's 100th birthday, Duke Adolph zu Nassau allowed the square to be renamed "Schillerplatz" on November 9, 1859. The square was given a "Schiller lime tree", but this became such a major obstacle to traffic that it was moved to the Warmen Damm in 1872. Although Schillerplatz was paved in 1872, it did not develop the character of a square in the following years due to the traffic cutting through it. In 1876, it received its first representative building with the three-storey main building of the "Wiesbadener Vorschussverein" designed by architect Alexander Fach. In 1905, the municipal authorities had it landscaped by planting grass, trees and shrubs on its sides.

A decisive structural change took place in 1954 with the construction of the new eight-storey Berlinische Lebensversicherung building designed by Wiesbaden architect Herbert Rimpl, for which single-storey buildings had to make way. The construction of the new Wiesbadener Volksbank building in 1968 represented the second decisive structural change. The widening of Bahnhofstrasse further reinforced the visual division of Schillerplatz. The part of Schillerplatz on the side of today's Wiesbadener Musik- & Kunstschule and the Wiesbadener Musikakademie was significantly reduced in size by the entrance to the underground parking garage on the Dern'schen site in the 1990s. Schillerplatz was never really used as a meeting place and today it is hardly perceived as a square.