The plaza sits squarely in the Centro neighborhood, just a few blocks from another of Madrid's celebrated squares, the Puerta del Sol. That proximity makes it easy to combine both in a single leisurely walk through the old city core, giving you a clear sense of how Madrid's historic street network radiates outward from these two focal points.
Today the rectangular square is framed by uniform colonnaded buildings whose ground floors host cafés, restaurants, and shops beneath the arches. The open central area fills with visitors, street performers, and locals throughout the day, while a bronze equestrian statue of Philip III occupies the center — a reference point that anchors the space visually and historically.
Admission is free and the square has no set opening hours, so you can visit at any time, including early morning when the light is softer and foot traffic is light. Check the official Madrid tourism website for information on seasonal markets and events that periodically take over the square's cobblestones.