Market Square was established in 1854 to provide a public market venue for area farmers. Still serving that purpose, the pedestrian square serves as a venue for special events. It is a popular gathering place for artists, street musicians, war veterans, and activists. It also hosts special events during the annual Dogwood Arts Festival. During the Christmas season, a tree lighting takes place which includes a choir, and other participants. During winter months, an ice skating rink is open on the square.

The ambience on the Square is upbeat and offers a variety of entertainment.

Market Square is located in downtown Knoxville and is a short walking distance from the UT campus.

Market Square was listed on the National Register of Historic Places in 1984.