It is not only the Hippodrome's, but also Istanbul's oldest monument. It is dated as 15th century BC; that is to say, this obelisk is 3500 years old. The Pharaoh made it built fort he memory of his victory. There are similar ones in Egypt and in many other big cities of Europe. In 390 BC, the Byzantine Emperor Theodosius I brought it from Amon Temple of Karnak in the Luxor region in Egypt and it was erected in its present place of today.

Although in every 100 years average 6.5 scale earthquakes hit the city of İstanbul, it has been standing here for the past 1600 years without getting any damage. It is made from pink granite and its weight is about 300 tons. Although the original was 32.5 M high, 40% of the bottom was cut off for transportation. It is 20 M high today. On each four faces of the Obelisk, there are Egyptian Hieroglyphics that tells about the bravery of Pharaoh Tuthmose. At the top, God Amon and the pharaoh were pictured hand in hand.

The hawk name Horus below symbolizes the beginning of the text. Some human figures were destroyed, and also some letters below were cut from the center. The reason why the bottom of the obelisk is not flat is because there are 4 bronze feet under it. It is known that water games were held in the water canals attached to the feet. And at the very bottom, there is a marble base constructed in 389. on every four faces of this base, there are scenes from the activities, taken place in the Hippodrome.

Many reliefs such as the Emperor's lodge, erecting the Obelisk, dancing before the races, horse races, Emperor receiving gifts were carved on the marble base.