The purpose of the article is to present an argument for the equal importance of cultural memory as a value in the cultural advancement of the cities. The research methodology is based on the use of the following methods: search, comparison, analysis and synthesis, which revealed the transformation of the interpretation of cultural memory at different times. The work has high scientific novelty since it allows for the first time to analyse the evolution of the public understanding of the concept of “cultural memory”. It has been proven that “memory”, “art of memory” and “cultural memory” are the objects of interest in each of the cultural epochs. Ancient thinkers are the pioneers for the culture of memory term. However, the concept of “cultural memory” appears in scientific use only in the late 20th century in the research by J. Assmann. Cultural memory is understood as the sphere of existence; space in combination with cultural infrastructure; environment for preserving the system of cultural values that are available in public space. Conclusions. It was found that cultural memory has a significant impact on building the identity of both citizens and the city. By preserving and “reading” cultural memory in the city, there is a connection between society and the past, awareness of values, patterns of public behaviour in different historical periods. It is argued that cultural memory is an integral part of urban space. Being a “dialogue” between the past and the present, cultural memory reflects the values of society through the “cultural patterns of the city”. The most meaningful cultural memory is manifested in the culture of memorialisation: monuments, memorial complexes, memorial buildings, inscriptions, demonstrating the ideological features of a particular historical period. However, the process of globalisation has a negative impact on cultural memory in the city, leading to assimilation of cultural values. The emphasis on the preservation, increase, and promotion of cultural monuments in cities is significant. It will contribute to the understanding of their own identity and the improvement of socio-cultural development of territories.