This octagonal structure stands on the site of the old toll-house and resembles its shape. It commemorates both Queen Victoria's Diamond Jubilee on 22 June 1897 and her eightieth birthday on 24 May 1899. It was opened by Princess Louise (1848–1939), the daughter of Queen Victoria, on 25 May 1899, and two days later Jackson's Oxford Journal, after listing the guests who had lunch with the Princess at Headington Hall, reported:

OPENING THE VICTORIA FOUNTAIN.

The Princess was timed to leave Headington Hill Hall at three o'clock in order to perform successively the three functions which were the occasion of her visit, the first of which was the opening of the fountain and clock tower situate on the Magdalen Bridge side of St. Clement's churchyard, and presented to the city by Mr. and Mrs. G. Herbert Morrell as a memorial of the Queen's Diamond Jubilee. The fountain is under a roof of oak, supported by columns, and above are four dials and a gilt weather vane. The steps of the fountain are of York ad Portland stone, lined with copper, the columns and dwarf walls of Milton stone, and the roof of oak is covered with Stonesfield slates. Mr. E. P. Warren was the architect.

The fountain no longer works, but the clock on top of the roof is still functioning.

Left: This plaque below gives more details of the benefactors for the restoration. It reads:

OXFORD CITY COUNCIL

RESTORED 2009
by Oxford City Council and
Oxford Preservation Trust

Supported by
East Area Parliament, Magdalen College and
CPRE Oxfordshire Buildings Preservation Trust

It matches in shape the plaque below that was put up a hundred years earlier, which reads:

VICTORIA
FOUNTAIN

inaugurated by
H.R.H. PRINCESS LOUISE
May 25 • 1899