A municipal decree, dated 18 September 1839, determined the opening - on that day - of the Bolhão Market, concentrating, in the same place, all the existing markets in the city, except for the Ribeira and Anjo markets, which remained in the same locations. Initially, it was only separated by an iron railing.
Over the years, several interventions were carried out to improve the market, such as the construction of a central staircase and the building of a more definitive structure, replacing the stalls that used to operate there.
The works continued for many years and the market square was subject to consecutive improvements.