In 1380, Yi Seong-gye, then Inspector of the Three Provinces, held a victory feast here on his way back from defeating Japanese pirates at Hwangsan. It is said that when Yi Seong-gye recited the "Song of the Great Wind" (大風歌) here, hinting at his intention to found a kingdom, Jeong Mong-ju, who saw what this meant, recited a poem of concern for Goryeo at Mangyeongdae in Namgosanseong Fortress. One theory holds that the name Omokdae comes from the many paulownia trees that grew here.
The Jeonju Yi clan is said to have lived around Imokdae until the time of Mokjo, Yi An-sa, before moving to Hamgyeong-do. This story also appears in the "Songs of the Dragons Flying to Heaven" (Yongbieocheonga). The Imokdae stele pavilion originally stood on high ground east of Omokdae, but it was moved to its present spot when the road was widened.