Plaza de Isabel II is so-called because it is dedicated to one of Spain's most popular queens. The statue of the queen is located right in the middle of this beautiful square. It is likewise known as the Plaza de la Opera since it serves as home to the historic Teatro Real of Teatro de la Opera, a performing arts and opera house which was inaugurated in 1818 and open to the public in 1850. Opera Metro Station is found within the square, a stone's throw away from the theatre.

The plaza is situated between two other popular squares, the Puerta del Sol and the Plaza del Oriente. Calle del Arenal, a pedestrianized and highly commercialized street, connects it to Sol. Madrid attractions near to Plaza de Isabel II are Palacio Real and Jardines de Sabatini.

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