In 1917 B. H. Roberts and a Boy Scout troop built a wooden marker identifying the spot where Brigham Young's party had first entered the valley. In 1921 this was replaced by a white stone obelisk that still stands east of the 1917 monument. Development of the monument began in 1937 when sculptor Mahonri M. Young, a grandson of Brigham Young, was commissioned by the State of Utah to design and create a new, larger monument. In 1947, on the 100th anniversary of the entry of the pioneers into the valley, This Is The Place Monument was dedicated at a ceremony attended by nearly 50,000 people. In 1957, a group of private citizens bought much of the land now contained in the Park and gave it to the State of Utah to preserve it from commercial development. One of the previous uses for the land was an artillery firing range for nearby Fort Douglas. The state Parks and Recreation Division was charged with the responsibility for maintenance and improvement of the property.
The village began around 1959, when a small visitors' center was constructed near the Monument; it featured a large mural by local artist Lynn Fausett. Well-attended, the monument convinced the legislature in 1971 to appropriate $100,000 to prepare a master plan for the creation of a living history museum. Following the appropriation of $1M for land acquisition and development, the Park was expanded to include 450 acres. In 1974, an additional $1.7M was appropriated for the construction of underground utilities.
In 1975, began the restoration or replication of historical buildings from Utah's history. Brigham Young's Forest Farmhouse was moved in 1975 from the Forest Dale area in the central valley to the Park for restoration. In 1979, five original pioneer homes were donated to the Park and restored; a small bowery was constructed. The 1980s included a replica of the original Social Hall, located in downtown Salt Lake City, two adobe homes, two frame homes and one log cabin were relocated to the Park. The blacksmith shop also was completed.
The period from 1992 through 1995 was a period of major expansion in which the Manti Z.C.M.I store was dismantled and reconstructed in the Park, a pioneer dugout home was constructed, 15 replica structures were built and the Hickman Cabin was relocated from Fairview to the Park. The Utah Statehood Centennial Commission adopted the Park as its living legacy project. The legislature appropriated $2.4M for a new visitors' center. In 1996, the park was designated This Is The Place State Park by the State Centennial Commission. In 1998, the state legislature approved the creation of a private, non-profit This Is The Place Foundation that would manage the Park.
With this emphasis on programming, two replica trains were acquired to aid in accessibility and entertainment. A new logo was adopted and all printed materials were upgraded. The Emery County Cabin was dedicated under this new programming emphasis, as well as American Indian displays were made. The Monument Café was opened, as were a new Pioneer Playground and Petting Corral.