Originally built in 1869, the Water Tower is popularly claimed to have been the only building to have survived the Great Chicago Fire of 1871. While it was one of the only buildings within the fire district to survive, much of the city south of the Chicago River survived, including the home of Kate O'Leary, in whose barn the fire began.

The tower is built of yellow sandstone from Joliet, Illinois. Built in a castellated Gothic style, it has a 154 foot tall tower which originally hid a 138 foot tall standpipe which was used to keep water flowing.

The building was designated a landmark in 1969, but there were three occasions (in 1906, 1918 and 1948) when its existence was threatened. In each case, the building was saved by public outcry and the myth linking it to pre-fire Chicago.

The interior of the building currently serves as the Chicago Visitor's Welcome Center.