Planned by the architect Isidro Velázquez, the monument was commissioned by the Madrid City Council to commemorate the heroes of May 2, 1808, whose remains rest in the central sarcophagus. It is structured in three sections on a plinth: the lower one is designed like a pantheon, raised on a tiered base; the central one is adorned with four sculptures on each side; and the upper one is formed of an obelisk with a square floor plan and a pyramidal top. In the lower section, and facing the Paseo del Prado, an opening protects the sarcophagus between crepes, while on the opposite side a relief depicts the lion of France pretending to devour Spain, represented by the figure of a child, who stands away holding the coat of arms of its kingdoms and a spear.

The legend «Honour to all those who gave their gives for Spain» is written under the funeral urn, on the base, and, further down, at the top of the steps, a votive flame burns continuously for those who gave their lives for the homeland. The monument is rounded off with two large tombstones with allusive texts, a cornice with acroteria in the corners and a tondo with a relief of the heroes Daoiz and Velarde and various decorative elements.