It was built in 1980 on the square of the same name, designed by architect Evgeny Rozanov. The station opened in Chilanzar metro line opened in 1977 and has access to the square, also bears the name of “Peoples' Friendship Palace”. On the square in front of the palace, there is a monument erected to the Shamakhmudov family - the monument of Friendship of Peoples, the work of sculptor D. B. Ryabichev, architects L. T. Adamov and S. R. Adyloff.
According to the protocol of the Republican Commission on the regulation of names of toponymic objects in the Republic of Uzbekistan dated April 7, 2008 No. 07-5-16, the palace was renamed to “Istiklol Palace of Arts”.
During a video-conference conducted on April 26, 2018, President of Uzbekistan Shavkat Mirziyev offered to return the former name.
The Tashkent City Council of People's Deputies at the 36th session on May 3 approved the return of the name "Peoples' Friendship Palace " to the Istiklal Palace.
After reconstruction, the palace hall accommodates 3,968 people. The total area of the complex is 12,000 square meters. and includes a concert hall - 2 208 square meters. m., the scene - 1 152 square meters. m., banquet halls - 700 square meters. m., five-floors administrative building, dressing room and nutrition unit.
The “Peoples' Friendship Palace” Palace is the main concert hall of Uzbekistan, where major international and republican forums are held, performances of well-known foreign and domestic performers and creative teams take place.