This paper discusses the symbolic transformation of Thailand’s Victory Monument in the Thai public memory, from embodying militarism to representing the complicated concept of Thai democracy. In the beginning, the monument had an indirect connection to democracy. However, due to the spatial agency, such as protest activities occupying this structure, it has turned into one of Bangkok’s democratic spaces. By looking at the stories of contentious politics and narratives surrounding this structure, this study reveals that the development of the Victory Monument’s meanings mirrors the democratic struggles of the Thai people. It also applies prevailing discourses on Thai democracy to elucidate the connection between the monument and democratic movements. This research provides an understanding of Thailand’s democratic struggles through a different lens, promotes historical awareness, and preserves public memory by emphasizing the role of public monuments in Thai history, society, and democracy.