LA REINA DOÑA ISABEL II, A SOLICITUD DEL AYUNTAMIENTO DE MADRID, MANDÓ COLOCAR EN ESTE SITIO LA ESTATUA DEL SEÑOR REY DON FELIPE III, HIJO DE ESTA VILLA, QUE RESTITUYÓ A ELLA LA CORTE EN 1606, Y EN 1619 HIZO CONSTRUIR ESTA PLAZA MAYOR. AÑO DE 1848

The statue depicts King Philip III of Spain and Portugal (1578-1621) riding a horse.

The statue was made by Giambologna, and was completed by his student Pietro Tacca in 1616. The statue was initially placed in the Casa de Campo and in 1848 was moved by order of Queen Isabella II of Spain to this square (as indicated on the sign). The statue has suffered many acts of vandalism, and has been moved to storage several times, returned to the square and back again.

The statue was photographed on the same day by the same photographer Click for a larger image Click for a larger image

The relief on the base of the statue, which features a helmet, shield, weapons and more, is shown here in an enlarged version Click for a larger image

The statue appears on the street sign of the nearby street named after the king: Felipe III Street Click for sign's details

Translation of the text on the sign:
Queen Isabella II, at the request of the Madrid City Council, ordered the placement on this site of the statue of Lord King Philip III, son of this town, who returned the court to it in 1606, and in 1619 had this Plaza Mayor built.
Year 1848.