The town of Veliki Preslav is situated at the foot of the Preslavian Mountain in immediate proximity to where the Big Kamchia river leaves the gorge and flows down the vast valley, following its route to the coast of the Black Sea. The local tribes are said to have settled in these fertile lands a long long time before. Signs of Thracian settlement were found in some archeological research there. The name of the town has a Slavonic origin. This proves the theory of dominant Slavonic presence here since the very first centuries after Bulgaria (on the river Danube) was founded in 681. Around the beginning of the 9th c. (probably around the time of the wars Krum waged on Byzantium), the establishment of a well consolidated center was started here. Gradually, it became an important strategic center for the military, as well as the seat of Ichirguboila (a high ranking dignitary who was third in rank after the ruler. The town expanded quickly during its very first century of existence. It was enclosed by a solid fortress wall, was well laid out, and had its own water supply. When royal prince Boris imposed Christianity as the official religion in 864, many churches were built there in order to show that the town was only second in significance after the capital Pliska. The political life of Bulgaria was tremendously shaken in 893 due to Vladimir Rassate's (Boris' first-born son and his successor as well) striving for reviving the pagan cult. Boris set up a coup d'etat, dethroned Vladimir and blinded him as a punishment. At an organized assembly, Vladimir's place was taken by his highly educated brother, Simeon, and Preslav was proclaimed the new capital of Bulgaria. In the next 80 years the town developed rapidly and became the heart not only of politics and diplomacy, but also of many artistic crafts, remarkable architectural achievements, and active literary activities. A chronicler mentioned that Simeon had needed 28 years to establish and build up his glorious capital. However, the archeological excavations proved that the town continued to develop under the rule of Simeon's son, Petar. Presumably, it was the 30s and 40s of the 10th c. when Preslav reached its peak in growth and magnificence. Considering the development, planning and organization of public services and economic gain, Preslav was a true rival of the biggest and most important city centers such as Konstantinopolus, Baghdad, Magdeburg, etc. Crucial changes occurred for Bulgarians when tzar Petar died in 969. BorisII had only just ascended the throne when he had to face the insidiousness of Byzantine diplomacy. In contrast to his grandfather, Simeon, BorisII could not manage to retain the independence of the kingdom and Preslav was occupied by Svetoslav's (Kiev royal prince) Varangians. Furthermore, in 971 it was burned down and ravaged by the army of the Byzantine Emperor, John Tzimisshi. The magnificence of Preslav became overclouded and its conquerors took away the treasury, the king's regalii (the symbols of a ruler's power), and a large part of Simeon's library.
Although the town did not lose its importance in the next three hundred years, the neighbouring outskirts and the big monasteries became desolate, the economy lost its vitality and significance. The Tatar raids, during the 70s of the 13th c., drove away the last citizens of Preslav, as well as the protothroned bishop of the town who searched for shelter somewhere amongst the naturally protected slopes of the Shumenian plateau. A few of the old Preslavian descendents, who somehow survived, built up a village of the same name only two kilometers northward from the fortress where the contemporary town Veliki Preslav is now situated.