The well, the oldest in Melaka, was built in 1459 by the followers of Hang Li Po, the Chinese princess who married the Sultan of Melaka. In the olden days, the well never dried up and was the only source of water during the great droughts.

In 1511, the Javanese filled the well with poison, and many who drank from it died of the plague. Melaka had just fallen into the hands of Sultan Alauddin Shah of Johor, who teamed up with the sultans of Perak and Pahang, and the Queen of Java. According to the Portuguese historian, Diogo de Couto, many Portuguese soldiers died from drinking the water from the well.

In 1677, the Dutch enclosed it with solid brickwalls in a bid to maintain their rights to it. Later, it was turned into a wishing well, which it has remained until today. It is said that whoever throws coins into the well will return to Melaka time and again.