The Park got the name after a lake which was in this area long ago. Many legends are associated with the lake's name; according to one of them, the lake was named "black" because of pollution accumulated therein. Another one says that the name was given because black swans were spending their time in it. The park even has sculptures of these birds.
It is known that in the late 19th century, the park was one of the main places for festivities for Kazan citizens who were attracted by music in the evenings. The park had one of the most popular restaurants in Kazan at that time and a number of pavilions with photos by well-known authors. In the summer there was a fountain, and in winter, instead of the fountain, there was an ice rink.
In September 2016 the park was partially rebuilt. The main attraction of the park - the Arch of Lovers - was renovated, as well as the central staircase.