Construction was begun by King Rama I in 2350 BE (1807 CE). Further construction and decorations were carried out by King Rama II who helped carve the wooden doors, but the temple was not completed until the reign of King Rama III in 2390 BE (1847/48 CE). This temple contains the Buddha image Phra Sri Sakyamuni  which have been moved from Sukhothai province. At the lower terrace of the base, there are 28 Chinese pagodas which mean the 28 Buddhas born on this earth. Wat Suthat also contains Phra Buddha Trilokachet  in the Ubosot (Ordinary Hall) and Phra Buddha Setthamuni in the Sala Kan Parian (Meeting Hall).

The temple is located quite close to the Grand Palace. At the entrance to the temple stands a giant red swing, standing at over twenty meters tall the swing towers over everything else. Inside the temple is a large golden Buddha statue in the seated position which is the focal point of the room. The outside walls have 156 Buddha images on them as well as four entry gates, each with intricate hand carved designs.

In 2005 CE, the temple was submitted to UNESCO for consideration as a future World Heritage Site.