The Mercato di Rialto is located directly on the Grand Canal, near the Rialto Bridge; in fact, it used to be adjacent to the bridge in the 13th century but was relocated due to zoning laws, which is currently a vegetable and flower market. As the Pescheria Market is now on a corner lot, it is accessible via the Grand Canal and a smaller canal along the Río de la Beccarie. It is the site of the former Palazzo Querini Ca’ Mazor, which was demolished after the Tiepolo conspiracy in 1310 against the Republic.

The Market possesses a Head-and-Tail System with a smaller structure sitting directly on the canal. It is split into three corridors via two colonnades, which support a flat roof of wooden rafters. The lengthier structure, located directly behind it, encloses two corridors with an elongated colonnade down the center. Its sufficient amount of utilitarian bay systems permit plenty of ventilation and light, along with easy access for consumers and deliveries; additionally, drains run throughout the buildings. When not in season, red drapes hang in the bays, establishing temporary walls for the stalls.

The Pescheria, like the entire Rialto district, suffered numerous fires throughout its history, forcing successive rebuilds. In 1884, the Market was rebuilt with a wrought-iron, hipped roof, and upper portico by Umberto Bellotto. In 1907, the current buildings were built in a Pseudo-Venetian Gothic style with brick, marble, and stone by Domenico Rupolo, along with ornamental capitals. Cesare Laurenti created the sculpture depicting Saint Peter overlooking the Grand Canal.