In 1938, the memorial in its current form was built on the site of a former artillery position near Heikendorf-Möltendorf. With over 35,000 names from both world wars, it commemorates the German Navy submariners who remained at sea.
The front facing the sea is flanked by two halls of honour, which also provide access to the semicircular corridor. On the outside of the lower corridor there are 74 bronze memorial plaques for World War II (739 boats), and on the inside there are 27 name plaques (199 boats) for World War I.
In the middle of the front there is a pillar approximately 15 m high with a bronze sea eagle that has a wingspan of 4.80 m and a height of 4.60 m. Below this is the badge of the submariners of World War II. In the square in front of the memorial there are plaques showing the sinking positions of the submarines from both world wars.