The outcome of a number of successive stratifications, it owes its name [meaning "wisdom"] to thestudium urbis, the prestigious Rome University founded by Pope Boniface VIII in 1303. The university remained here until the early 1900s, when the State Archives were transferred to this building.

A number of renowned architects took part in the construction, including Giacomo Della Porta and Dominichino, but its distinctive feature, the church with its majestic spiralling dome, was added by Francesco Borromini in 1643. The Senate Committee for Elections and Parliamentary Immunity and the Research Department are now located here.