The development of the Children's Park began about 160 years ago, in 1858. The work was not completed until 33 years later, in 1891. The park was laid out for recreational purposes, shown by its very short distance from the Citadel district and by the fact that it was initially named after Emperor Franz Joseph. The park's original name was "Franz Joseph Park", kept until 1919 when it was called "Mihai Eminescu" Park. After 1950 it was called "Pioneers' Park", and after the Revolution, until today, it bears the current name, "Ion Creanga" Children's Park.
In 2010 a large project of rehabilitation and modernization of the park was prepared, in 2011, the works were started, and in 2012 it was reopened. The new park includes: an English picnic lawn, an upgraded tunnel with 3D and 4D hologram projections and redesigned play areas with Disney themes and mascots.