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Gyeongdong Market was opened in June 1960 as an agricultural market specializing in local specialties such as chili peppers, garlic, vegetables, bellflower roots, and wild vegetables, all sourced directly from the mountains and fields. These products are distributed through both wholesale and retail transactions, offering a variety of fresh goods at reasonable prices. Since its establishment, Gyeongdong Market has become one of Seoul's iconic traditional markets.

 In the 1980s, the market underwent modernization efforts to improve its infrastructure. With the completion of the new building in 1982, the new Gyeongdong Market opened, further expanding the market size. In 1985, the Gyeongdong Building was completed, establishing the country's largest ginseng market and a dedicated herbal medicine shopping area. This development allowed Gyeongdong Market to surpass even Daegu Yangnyeongsi in scale and expertise in the fields of ginseng and herbal medicine, becoming a popular destination for foreign tourists as well.

 Recently, the market has expanded to include a seafood section, attracting more visitors seeking ritual foods for ancestral rites. The new building also houses specialized stores, including a clothing section on the second floor and flower shops on the third, providing a diverse shopping experience. A harmonious blend of tradition and modernity, Gyeongdong Market continues to be a lively cultural hub where visitors can find everything from agricultural goods and herbal medicine to seafood.