Namdaemun market dates back to 1414, during the reign of King Taejong, as a government managed marketplace. In 1608, King Seonjo set up the office of seonhyecheong (hangul: 선혜청, hanja: 宣惠廳, “tribute bureau”) in the district to manage the tributes of rice, cloth and money. A trading marketplace took its form around that time and commercial activities flourished as traders set up various shops. Trade was active in grains, fish, fruit, and miscellaneous goods.
The management of the market went over to the Japanese in 1922, but after liberation in 1945 the merchants established the Namdaemun Merchant Organization and took over management. The market, however, turned to ruins during the Korean War and succumbed to fire in 1953. The Seoul Namdaemun Market Co. Ltd. was found in 1954 to rebuild the market, but efforts fell short due to financial troubles. Endeavors for reconstruction continued in the following years, but fires swept the market again in 1968 and 1975.
The city of Seoul announced plans to renovate the market in 2007, and reconstruction and renovations are being continued in 2010.