This large underground cistern was built by Justinian in the 6th century, and is elevated about 30 m above sea level. It was connected to the Hadrianic line alongside the imperial palace (east of the Hippodrome). See Cod. Just. 11.42.6.

A large portion of the capitals is reused, and their styles vary. Most columns are topped by plain basket capitals; 98 carreid acanthus capitals; 3 are reused Corinthian capitals (dating to 200 CE and Constantine?). The Basilica cistern also contains a 4th-century column shaft with a lopped branch design and the inverted Medusa heads (Severan date?) (Crow et al., 2008, p. 138).

Sometime after the 8-9th century it started to be used as an artisan quarter.

During the late middle ages and the early modern period, small houses were built on top of the cistern.

In 1940 the city government gave the cistern to a museum to administer.

In the present day, it is a major tourist attraction.