After the First World War a committee chaired by James Anderson was set up in Bonnybridge to erect a suitable monument to those who fell. It searched around for a central site and in May 1920 a piece of ground near the Toll was gifted by three proprietors – Stirling County Council, Edwin G Smith of Clifford Park in Stirling, and Mr Paterson of Thornton in Bonnybridge. The reason why there were three owners of this small area of land is because prior to 1884 the Bonny Water used to take a southern bend near the footbridge at the Ford and came to within a few yards of the main road. It then turned back to run behind the post office. The presence of this loop in the river threatened the stability of the road and the Road Trustees had been under the necessity of constructing a large and expensive retaining wall. The bend in the water course also caused much flooding. It was therefore decided to cut off the loop and fill in the old course of the Bonny Water with ash from domestic refuse and industrial waste – both of which were freely supplied. One person owned the land which had been on the west side of the bend in the river, one the land on its east side, and the third the land which had formerly been on the north side.

Construction work started in June 1920. The area was landscaped – the river was canalised and terraces were formed. Ash paths were laid out to create a park with a central drinking fountain. The monument, which takes the form of a 20ft high obelisk in Peterhead granite, was placed on the solid ground towards the east of the park. It was unveiled by James Anderson on 1 May 1921.

In 1941 an air raid shelter was constructed at the corner of Main Street and the right of way leading to the bridge over the Bonny Water. After the Second World War Bonnybridge was one of very few places in the district to erect a new memorial rather than simply to add additional plaques to that of the First War. It takes the form of a wrought iron arch surmounted by a memorial clock. The arch is decorated with thistles and other foliage. A flight of eight steps from the road to the footbridge at the Ford passes through the arch which is placed at the top of the terrace with a small semi-circular forecourt on the far side. Over the following years trees were planted to soften the harsh layout.

In 1938 a commemorative drinking fountain was installed in the park. The inscription on it read: “ROYAL ORDER OF SHEPHERDS/ (GLASGOW DISTRICT)/ PRESENTED BY THE/ LOYAL JAMES SMITH LODGE No 2154/ TO COMMEMORATE THE JUBILEE OF THE LODGE/ 1888-1938.” Only the fluted column now remains

In 2017 Bailie William Buchanan acquired an old First World War sea mine and had it set onto a tapering concrete plinth in the park. A flagstaff and anchor were planted nearby. It was unveiled on 30 April 2017 by Provost Pat Reid. The monument is dedicated to the memory of the personnel of the naval services (military and civilian) who lost their lives in both world wars.
Sites and Monuments Record
| Bonnybridge Memorial Park | NS 824 803 | |
| Bonnybridge War Memorial I | SMR 585 | NS 8247 8033 |
| Bonnybridge War Memorial II | SMR 586 | NS 8248 8033 |
| Bonnybridge War Memorial III | SMR 2192 | NS 8249 8033 |
