The Lotus Market is located on the west bank of the Qianhai Sea, which is now the Shichahai Tea and Bar Street. The market was formed in the late Qing Dynasty and was opened from the first day of the fifth month to the fifteenth day of the seventh month of the lunar calendar every year, focusing on river food and snacks. The lotus flowers in Qianhai opened at this time, so the market was commonly called "Lotus Market".

The market was a seasonal market for the public to spend their summer days in Beijing, and was once very prosperous. In 1998, Beijing Shichahai Cultural Development Company opened at the market and developed the "Water Tour" project in Shichahai. In 2001, the market was rebuilt into a one-to-two-story antique building with a total construction area of 3,752 square meters with a wooden trestle bridge on the water side. In 2005, Lotus Market was named as "Shichahai Tea and Bar Special Commercial Street" by Beijing Municipal Bureau of Commerce.