The Prince's Palace is a monument of history and architecture. The palace, built in a mixture of Gothic and early Renaissance styles, was built in the 15th century as the residence of the prince.

In 1435, the palace was badly damaged by an explosion and was under extensive reconstruction for a long time until 1463. Once again the building was destroyed in 1667 during a strong earthquake. Damage was caused to the interior and exterior decoration of the palace, which took about 30 years to fix. The palace served as a princely residence until 1808, when the French marshal Auguste Marmont abolished the republican form of government in Dubrovnik.

Today, there is a city museum here, as well as the only monument erected in all the centuries of the existence of the Dubrovnik Republic - to the wealthy sailor Miho Pratsat, who bequeathed her all his fortune in the 17th century.