In 1882, the Stadtilmer Gesangsverein "Liedertafel" came up with the idea of erecting a monument to the son of their hometown - Albert Methfessel (* October 6, 1785 in Stadtilm as the 13th child of a cantor and organist, baptismal name: Johann Albrecht Gottlieb; † March 23, 1869 in Heckenbeck near Gandersheim) - on the occasion of his 100th birthday. A year later, a commemorative committee consisting of 12 members (6 active club members and 6 members of the public) was founded. Dr. Hellbach, a doctor from Stadtilm, was elected chairman.

The monument was financed by numerous donations and a Methfessel lottery initiated by the wives of the committee members. The public drawing of the winning numbers took place on May 20, 1884. A total of 2,000 tickets were sold for the lottery. The public and numerous sponsors provided 492 prizes. Each ticket cost 50 pfennigs.

The plans for the memorial were drawn up by the sculptor and architect Erich Schober from Halle an der Saale. The medallion with the relief portrait of Methfessel was designed by Professor G. Kugel from Ruhla. On June 28, 1885, the monument was ceremoniously unveiled at a large singing festival. On this day, the market square was colorfully decorated and adorned with the flags of all the German states from which guests were expected. 42 choral societies had announced their participation in the celebration. A large parade kicked off the festivities at 1:30 pm. The chairman of the committee, Dr. Hellbach, unveiled the monument and presented it to the town with the words "Let the covers fall off!".

After more than 130 years, the deteriorating stability of the foundations, the thick deposits of dirt from the past century of industry and the effects of the climate meant that a comprehensive renovation was necessary. In 2016, the monument was completely dismantled and refurbished as part of the redevelopment of the market square. Since 26.10.2016, the Methfessel monument has been back on the market square with a new look. In order to make better use of the space around the monument in future, it was moved one meter towards the B87.