A boulevard, not a square
Despite the name, Wenceslas Square is a long, gently sloping boulevard rather than a traditional square — originally a medieval horse market, later paved over into the commercial and civic spine it is today. It connects the New Town down to the edge of the Old Town, and it's usually busy at almost any hour.
Where history actually happened here
This is the square where modern Czech history keeps landing. The 1918 declaration establishing Czechoslovakia, the 1969 self-immolation protest of student Jan Palach against the Soviet invasion, and the mass demonstrations of the 1989 Velvet Revolution that ended communist rule all played out on this stretch of pavement. A small memorial near the National Museum end marks the Palach protest; it's easy to miss if you don't know to look for it.
What's here today
The statue of St Wenceslas on horseback anchors the upper end, in front of the National Museum's grand facade. Below that, the square is lined with a mix of department stores, hotels, exchange booths (see our budget guide for which to avoid), and fast food — it's more workaday and modern than the Old Town, which is exactly why it's worth seeing as the other half of the picture.
Practical note
Three metro lines converge nearby (Mustek at the lower end, Muzeum at the top), making this one of the easiest places in the city to orient yourself from. It's also one of the squares to be a little more alert in late at night — well-lit and busy, but with the usual big-city-thoroughfare pickpocket risk in dense crowds.