Near the end of May 1957, the Chesterville Legion announced its plan to erect a memorial to those from Chesterville and District who gave their lives in the First and Second World Wars and Korean War. The Chesterville Cenotaph was dedicated on Sunday, November 10, 1957.
It was originally located on the grounds of the old community centre (now the Library building). In 1997, the Legion decided to upgrade the memorial and move it to Queen Street Park, which was subsequently renamed Veterans Memorial Park that November. The original memorial was upgraded with a new wing on each side, which include the names of those who died in the First and Second World Wars and Korean War. An inscription to honour United Nations Peacekeeping was also added.