Oamaru’s World War One Memorial stands sentinel in the middle of Thames Street. Against the backdrop pf a 13-metre tall tapering column of Sicilian marble (set on a base of granite), T.J. Clapperton's bronze soldier consoles a small child (who symbolises the ideals of humanity for which the war was believed to have been fought). The memorial has historical and symbolic significance as a reminder of the sacrifice of the people of Oamaru during the 1914-18 conflict.

North Otago people fought their own battles over this memorial. For months they argued whether it should be utilitarian or inspirational. Then they argued about where it should be placed. Even more vigorously, they argued about whether it should carry the names of the fallen. The people first chose to plant oak trees on certain streets in Oamaru, and at mile intervals along country roads, each with a plate with the name of a fallen soldier. After further debate, this more conventional memorial was chosen for the centre of Thames Street, in a prime site outside the Chief Post Office.

Dunedin architect Eric Miller won the competition to design the memorial. Governor-General Jellicoe laid the foundation stone on 14 October 1924. On Anzac Day 1926, Lieutenant-Colonel J. Hargest unveiled the memorial and placed in a locked receptacle a bronze casket containing the names of the district's soldiers who had served overseas.

In 2003, the beautifully illustrated face plate and hand-written roll-of-honour was removed for safe-keeping to the North Otago Museum Archive after damp and mould were discovered to be causing severe damage in the 1990s. The Roll of Honour has since been conserved. In 2015, the World War One Memorial remains a landmark on Thames Street.