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The square is named after the harbour Kornhamn where corn delivered to the city by ships from the Lake Mälaren area was embarked in the Middle Ages, the corn then stored on an open space called Korntorget ("Grain Square").
The statue of a man drawing a bow on the square, often misinterpreted as depicting William Tell, was inaugurated in 1916 as an homage to Engelbrekt Engelbrektsson, leader of the Engelbrekt rebellion (1434-1436) against the German-dominated government of Eric of Pomerania. The statue was carved by the sculptor Christian Eriksson (1859-1935).
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