The Alexander Column as a compositional center of the architectural ensemble of Palace Square in Saint Petersburg, Russia, has always been a matter of concern for both the public and specialists due to progressive deterioration of its granite shaft caused by crack formation. The article examines previous studies related to the inspection and restoration of the column's shaft and other parts above ground level, as well as reasons for crack initiation and propagation in the column. An analysis was performed on the anomalies in the Fennoscandian Shield and the structural-tectonic conditions at the Montferrand quarry site, revealing the presence of faults and circular features within the studied area. The research considers N.Hast's measurements of excess tectonic stresses in anomaly zones (southeastern Finland), which acted horizontally and resulted in the development of tensile cracks within the granite massif and later in the column’s shaft after its installation. The most dangerous type of deformation for the Alexander Column is its tilt in the northeast direction, recorded in 1937 and 2000. The article analyzes the construction features of the column's foundations and additional underground elements, as well as soil and groundwater characteristics based on archival data. The contamination history of the underground space is taken into account, and an analogy-based method is used to assess the engineering-geological and hydrogeological conditions of the underground load-bearing structures within the placement zone of the Alexander Column and the New Hermitage buildings. The results of visual observations on the nature of deterioration and deformation of the pavement around the monument, as well as its pedestal, indicating the development of uneven settlement of the foundation, are presented. The article concludes with general recommendations for organizing and implementing comprehensive monitoring to forecast the deformation dynamics of the Alexander Column.