The monument was designed by a team from Veliko Tarnovo, which won the national competition, held some years ago.

The team is composed of architect Milen Marinov  and the sculptors Boris Borisov and Konstantinov, and for the implementation of the project were involved around 100 people. The monument is made of brass and was casted in Sofia. Its height is over 8 meters.

The frescos being displayed around the base of the monument represent various historic segments of Tsar Kaloyan rule and the way he dealt with inclduing the siege of Varna and the dealing with Church of Rome and the Crusaders. 

Observant viewers will note that only one hoof of the horse is in the air, this in urban legend lanaguage denotes that he did not actually die in battle but may have died from wounds obtained in battle.