The embankment appeared in the oldest Moscow district of Yakimanka. Golutvinskaya Sloboda, which belongs to the Kolomna Monastery in Moscow, was formed here back in the 15th century. The first settlers were workers and draft peasants.

This area was often flooded as a result of floods until the 1780s, when the Drainage Canal and a series of dams were built. Along the canal, the embankment was located. Nevertheless, floods continued to occur, and only the Moscow Canal, launched in 1938, solved this problem.

Old-timers claim that among the old buildings there is a house on which a sign is installed between the first and second floors with a mark on the maximum water level during the flood of 1908.

The embankment got its name due to Bolshaya Yakimanka Street. Since 1812, the territory in the district began to be built up with factories and industrial enterprises, especially the factories of successful entrepreneurs merchants Ryabushinsky and nobles Istomin are especially known.

If you walk along the embankment, you can see many buildings built in the XVII-XIX centuries — residential buildings, workers' barracks, the Golutvinskaya Manufactory and the Church of St. Nicholas in Golutvin. The artistic image of old Moscow is complemented by the merchant estates of the Levins, Rylovs and Kotovs. The Italian Consulate is also located here.

Currently, many ancient buildings house offices and cafes.