The fountain, located at Columbus Drive and Congress Parkway in Grant Park, was designed with sculptures by Jacques Lambert. It was donated to the city by Kate Buckingham in memory of her brother, Clarence Buckingham. The fountain itself represents Lake Michigan, while each sea horse symbolizes a state bordering the lake. The statues were created by the French sculptor Marcel F. Loyau. The design of the fountain was based on the Bassin de Latome and modeled after Latona Fountain at Versailles. The fountain used to be known as the Clarence Buckingham Memorial Fountain.

Kate Buckingham also established the Buckingham Fountain Endowment Fund with an initial investment of $300,000 to pay for maintenance on the fountain. Buckingham Fountain was dedicated on August 26, 1927.