It will be exhibited in a museum alongside Black Lives Matter placards, while a consultation will be held to decide how to use the plinth.
The statue, which had stood in the city since 1895, was pulled down during a Black Lives Matter demonstration on Sunday.
His legacy of philanthropy was designed to shape him into a father figure for Bristol. Now, those myths are starting to shatter.
Britain is facing its Rosa Parks moment and Black people are making it clear they won’t sit at the back of the bus, Catherine Ross writes.
Slaver Edward Colston's statue stood in the city centre for 125 years before protesters pulled it down and dumped it in the harbour. Now it's gone, what will replace it?
A statue of 17th century slave-trader Edward Colston was torn down in Bristol as part of an anti-racism demonstration. Protests have been held around the world after the death of George Floyd, a Black man who died in police custody.
From Bristol to Edinburgh, thousands of people joined protests across the UK.
Nick Matthews, aged 59 and from Nailsea, Somerset, died at Bristol Royal Infirmary in the early hours of Saturday.
The 17-year-old environmental activist Greta Thunberg greeted a crowd of thousands who had braved the rain to see her in Bristol on Friday. Thunberg spoke at a "Youth Strike 4 Climate" rally, one of hundreds held all over the world on Fridays.