In a solemn and patriotic ceremony on the capitol grounds May 30, 1938, the Winged Victory Monument was dedicated to the memory of World War I veterans. The sculpture was unveiled by two GoldStar mothers, Mrs. Charles V. Leach and Mrs. Cordelia Cater, after whose sons the Olympia posts of the American Legion and the Veterans of Foreign Wars were named. The dedication address was presented by Stephen F. Chadwick, national chairman of the American Legion's Americanism Committee.

The bronze sculpture features a 12-foot tall figure of Winged Victory surrounded by the figures of a soldier, a sailor, a marine, and a Red Cross nurse.

The impressive statue was designed by sculptor Alanzo Victor Lewis of Seattle after an initial plan was agreed upon in 1927 and construction bids were released in 1931. The $100,000 cost for the monument was financed through a combination of funds provided from the sale of state lands and a federal grant.

The Winged Victory Monument is situated just north of the Insurance Building on the Capitol Campus. It is traditionally the focus of memorial services for veterans of all wartime conflicts.