The Egyptian Obelisk, originally stood at the entrance of the Karnak Temple in Luxor, in Egypt, and it was erected there by Pharaoh Thutmosis III in the 15th century BC. Pharaoh Thutmosis III was proud to have crossed the wild river Euphrates and have won victories in Mesopotamia. In order to commemorate them, he ordered the construction of the obelisk. The hieroglyphs on the obelisk praise the pharaoh.

When Constantinopolis was made the new capital of the Roman Empire, the obelisk was brought to the city via river and sea transportation. Present length of the obelisk is around 20 metres, but according to some historians, in order to make transportation easier, the obelisk was chopped off, and what we see in the Hippodrome right now could be one-third or two-thirds of the original length.

The obelisk was brought to the city in mid 4th century AD, but it lay in the Hippodrome for a long time. Finally, at the end of the 4th century, Theodosius I ordered the construction of a marble pedestal, and on top, the obelisk was erected. On four sides of the pedestal, Theodosius I can be seen giving wreath of glory to the winning charioteers along with his nobility.