The Yelabuga Ancient Settlement, which is situated on a hill overlooking the River Kama just outside of Yelabuga, was first established in the 10th century by Volga Bulgars. The settlement included a square citadel with four corner towers to protect trade along the River Kama. The site is also often called the Chyortovo Ancient Settlement which is derived from the Russian word for demon - 'chyort'. According to legend a demon appeared to a priest asking to marry his daughter. The priest naturally didn't want to give his daughter to a demon and so told the demon that he would only consent if the demon could built a church within a day. On the next day the priest was astonished to see a magnificent church had been constructed. However upon inspection the church was missing a cross and at that the church collapsed and the demon disappeared.

In 1834 a visiting professor from Kazan University noticed that only one of the towers of the citadel had survived after the other remaining stones had been removed by locals. A decade later though even this tower had collapsed. The tower which survives today is a reconstruction which was restored in 1867 on the initiative of the merchant Ivan Shishkin, the father of the famous artist. The 7.1 metre tall tower has since become the calling card of Yelabuga. In addition to the restored tower, part of a wooden fortress has also been recreated here.

Emir Ibragim I ben Mukhamad Monument

Not too far from the Tower, is an impressive statue of Emir Ibragim I ben Mukhamad. Ibragim I was an emir of Volga Bulgaria who reigned from around 1006 to 1026 and can be considered the founder of Yelabuga, which is thought to have been founded during his reign. The statue depicts Ibragim I on horseback with a banner. It was unveiled in the Yelabuga Ancient Settlement in 2007.