Piazza Matteotti was once called Piazza Grande.

Its current appearance derives mainly from the architectural works promoted by Girolamo Riario, who in 1474 took possession of Imola. 
He restored Piazza Matteotti making it square-shaped, and used it as city market area.

Together with the Piazzetta ("small square", today Piazza Caduti della Libertà), which hosted the fruits and vegetables market, and Piazza Gramsci, used for the meat market, it represented the commercial and administrative heart of the town (as well as today).

Moreover, Girolamo Riario wanted to erect on the east side of Piazza Grande the Signoria Palace (now Sersanti Palace), which is still today one of the most beautiful palaces of the town.

On the western side stands the Municipal Palace.