This Victoria-style urban park was officially opened in 1891 by Sir Alexander Bannerman, Governor of the Colony of Newfoundland from 1857 to 1864, who donated the land to create it. Today it contains a public swimming pool, playground, a baseball diamond, and many large open grassy areas.

Bannerman Park plays host to many festivals and sporting events, most notably the Newfoundland and Labrador Folk Festival, and it is the finishing location for the Tely 10.