Constructed in memory of those who lost their lives in World War I, World War II, and the Korean War.

In the 1920's, the Imperial Order of the Daughters of the Empire, with the help and support of many local and area organizations, along with the Royal Canadian Legion, started to bring to fruition a plan that had been on the books since 1925, but it was delayed by the depression of those years. The plan was to erect a replica of the cenotaph standing in Whitehall, London, England, but in a smaller version.

The plans were purchased in 1929, from Sir Edward Lutyens, the architect of the Whitehall cenotaph. On November 10, 1934, the sandstone memorial was dedicated at the south east corner of Victoria Park in London, Ontario. Up to this time a wooden replica was used on Armistice Day. Hundreds of citizens of London and the surrounding area, along with veterans, militia and permanent force troops attended this impressive service. The band of the Royal Canadian Regiment, Canada's oldest permanent force regiment supplied the music, and the choir of St. Paul's Cathedral sang.

The City of London voted a grant of $4,000 to assist the committee comprised of the Imperial Order of the Daughters of the Empire, city council, numerous veterans, women and other organizations. The contractor was A & E Hobbs Company who had submitted a tender of $8,300. The work was completed on November 3, 1934 with the first Remembrance Day service held on Sunday, November 11, 1934, one day after the dedication ceremony of the Cenotaph.

The cenotaph now serves the veterans of World War I, World War II, and the Korean War. The cenotaph is maintained by the Corp of the City of London.