The idea of the fountain was suggested by the then mayor, Bartłomiej Schaachman, who wanted to emphasise the marine character of the town. The author of the fountain was Abraham van den Blocke. He was the one to decide that Neptune, with his head bent forward, should face the tenement houses of Polish kings during their visits to Gdańsk. The sculpture was made of bronze in Augsburg and weighed 650 kg.

Neptune guarded Gdańsk until World War II, when it was removed and taken away from Gdańsk. It returned to the city in 1954. The last renovation of the fountain, which involved the installation of new lighting, took place before the 2012 EURO championships.

There is a legend associated with the Neptune Fountain, which refers to the most famous liquor of Gdańsk, i.e. the Goldwasser vodka. According to the legend, Neptune got very angry when he noticed that people were throwing coins into the fountain. He slammed his trident into the water and the coins changed into small golden flakes which are still the mysterious ingredient of the Gdańsk liquor.