It was established near the building of the Presidium of the Academy of Sciences on September 16, 1998. The sculptor is A. Asgarov, the architect is E. Asadov, and the painter is Ch. Farzaliyev. Y. Mammadaliyev"s monument is the first monument of a scientist in Baku.Yusif Mammadaliyev (31.12.1905 - 15.12.1961) – is an outstanding Azerbaijani chemist, pedagogue, one of the founders of the Academy of Sciences of Azerbaijan. Having graduated from the Pedagogical institute in 1926, Yusif Mammadaliyev worked in Kirovabad pedagogical technical school, Yerevan pedagogical institute, Azerbaijan agricultural institute (1932-33), Oil refining scientific research institute (1933-1945). He was elected an academician with the establishment of the Academy of Sciences of Azerbaijan in 1945 and worked as the director of the Oil Institute of the Academy of Sciences. In 1947-51 and 1951-61 he was elected the president of the Academy of Sciences, and in 1954-1958 years worked as the rector of the Azerbaijan State University. Y.Mammadaliyev"s main works are connected with the catalytic processing of oil and gas. Still in the early thirties, he raised and subsequently solves the problem of the broad industrial application of the natural gas. A synthetic rubber plant producing rubber on the basis of oil gas for the first time in USSR started operating in Sumgait in 1950s based on his ideas. He was the first who carried out the reaction of the direct chlorination of gas, as a result of which valuable products of chemical synthesis are issued. At the beginning of the Second World War Yusif Mammadaliyev for the first time carried out and introduced to the manufacture of toluol, raw materials for getting explosives. Thereafter he together with employees worked out an inflammatory blend for anti-tank struggle, called in the West as "Molotov cocktail". He also worked out and introduced to the manufacture an industrial way of getting high-octane gasoline which is of great importance for aviation.

Being the president of the Academy of Sciences, Yusif Mammadaliyev established a number of scientific research institutes. The foundation of manuscript of the Academy of Sciences, the astrophysical observatory in Shamakhi was established by him.