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The original structure of the palace dates back to a modest house that Gaspero dei Garzoni di Jesi bought in 1512 from Alfonsina Orsini and that was modified in a series of works carried out at intervals, in the context of a succession of sales of the building by her heirs. In 1605 the palace was purchased by Olimpia Aldobrandini, who also bought an adjacent building belonging to the Arciconfraternita della Carità and the Ospedale della Consolazione. The new owner had the two buildings joined into a single construction, the facade of which was completed in 1611.

In 1642, the palazzo was sold to the Patrizi family, an ancient Sienese family that had settled in Rome in 1537 and died out with Maria Virginia, who married Giovanni Chigi Montoro in 1726. The latter took the surname of the Patrizi family, whose daughter Porzia married Marquis Tommaso Naro, from whom the Marquis Patrizi Naro Montoro, the current owners of the building, descended.

Since 1690, the palace has undergone various alterations and renovations, particularly in the early 18th century by Sebastiano Cipriani; further work was carried out in 1747 and further renovations in 1823 by Luigi Moneti. The off-centre portal has two corbels with stars and a crenellated band, heraldic elements of the Aldobrandini coat of arms, which are also repeated on the windows and the cornice, and is flanked by two lintel windows with grilles, two on the right and one on the left.

On the first floor, there are four windows with alternating triangular and centred gables, surmounted by festoons of fruit and ribbons; on the second floor, there are four architraved windows, surmounted by three oval windows, one of which is walled up; on the third floor, there are four squared windows, the last of which is a French window opening onto a corner balcony overlooking Via Giustiniani, on which the façade has similar characteristics. On the corner, a rusticated cantonal up to the balcony holds a Madonnella consisting of an oil painting on canvas depicting the image of Our Lady of Sorrows. Around the square frame are friezes with floral motifs, festoons and a garland of roses. Above it is a sheet metal canopy with elaborate ornamental fretwork motifs in the form of lace; the aedicule is completed by an arm lantern.

The palace portal leads to the courtyard through a vaulted vestibule with arches resting on alternating single and double pilasters; to the left of the vestibule is a hall with lowered arches and statues in niches. Inside, the first floor atrium with a 16th century coffered ceiling is remarkable. There is a green room with a frieze depicting biblical scenes and paintings from the 17th and 18th centuries and a ballroom with numerous paintings, including Le Muse by Francesco Solimena. On the ceiling of the chapel are 18th-century frescoes depicting the 'Virgin and Child' and three blessed members of the Patrizi family, Saverio, Antonio and Francesco.