Brought from the Aswan excavation sites without inscriptions by order of Domitian, this obelisk was decorated in Rome with original inscriptions written in hieroglyphics and a representation of the emperor between two deities. It is made of granite and is almost 17 metres high.

It was placed between the temples of Serapis and Isis, where it remained for over two centuries, until Maxentius had it placed in the Circus, along the Appian Way, built in memory of his son Romulus who died in 310. It is not known when it fell. It is certain, however, that it was re-erected by Pope Innocent X Pamphilj in the mid-17th century, who chose Piazza Navona to mark his birthplace in some way.

In addition to the obelisk, however, the square was to have housed a grandiose fountain that was to be the real 'exhibition', i.e. the final elevation of the Acqua Vergine aqueduct. The Trevi fountain had not yet been built, due to lack of funds. The pope had entrusted the work to others, but Bernini managed to use a stratagem, giving a silver model to Donna Olimpia Maidalchini, the pope's sister-in-law, to make his splendid project for the obelisk in the centre of the Fountain of the Four Rivers known. The Pope was enthusiastic about the project and immediately commissioned Bernini to carry it out. This took place between 1647 and 1651.

The inscription on the pedestal recalls the details of the undertaking as well as the significance of the fountain on which the obelisk rests. The dove on the top is the symbol of the Pamphilj family. This great composite monument was not very well received by the Romans at the time, as taxes were even raised due to the high cost of its construction. Today it is one of the most admired and loved monuments in the city.