The fountain was erected in 1815 with the support of Count Coronini. It was most likely designed by the Paduan sculptor M. Chierigino. Its first location was in the central square in Kanal where it was used as a water collector and a social gathering spot of the local women, who came to collect water with their wooden pails. It was relocated across the street in 1937, where it is still standing.
Near the Neptune's Fountain stands a bust of a fellow citizen Valentin Stanič, a priest, illuminator, humanist and one of the pioneers of alpine climbing in Europe. Each year, Valentin Stanič Alpine society of Kanal organises a memorial hiking tour called "By the footsteps of Valentin Stanič" to celebrate the memory of this great man.