The city of Pingyao is one of the four remaining well-preserved ancient cities in China and a typical representative of ancient city life at the Central Plain, inhabited by the Han nationality.

The city was built between 827 and 782BC during the Western Zhou period (11th century-771BC). In 1370 during the Ming Dynasty (1368-1644), the city was expanded to ward off military attacks by foreign invaders. In 1823 during the Qing Dynasty (1644-1911), the Chinese first exchange shop named Rishengchang was set up in the city. The establishment of Rishengchang is a milestone in China's financial history and symbolized the emergence of a new financial industry in the late feudal society.

The city walls, streets, houses, shops and temples are all well preserved, providing concrete data for the study of Chinese politics, economy, culture, military, architecture and art.

The southern wall along the Zhongdu River was built in the shape of a turtle, which is why the city was also known as Turtle City. The city wall has a perimeter of 6.4 kilometers and is over 12 meters high and 3.5 meters wide. The black-bricked wall contains an inner wall made of earth and six gates on all four sides. A small town was built outside the east and west gates for defense purposes. The gates have huge arches several zhang (1 zhang = 3.3 meters) high and turrets over two zhang high with a platform built every 50 meters. Altogether there were 94 towers, including turrets, and platforms, but only a few of them remain. The city wall is surrounded by a moat four meters wide and deep. The well-preserved streets, buildings and shops have kept their original style, providing important material for studies in architecture and city arrangements during the Ming period.

The Pingyao Ancient City was included in the World Cultural Heritage List by UNESCO's World Cultural Heritage Committee on December 3, 1997.