Although the history of settlements in the territory of modern Siping dates back about 3,000 years, this area did not hold great significance until the late 19th century. Ancient tribes such as the Fuyu, Goguryeo, Khitan, and Manchu left their cultural mark here. The region is considered one of the cradles of Manchu culture, and the nearby town of Yehe is the birthplace of two empresses of the Qing Dynasty. The modern history of the city began in 1898, when a railway station was established here as part of the construction of the Chinese Eastern Railway (CER). It received the official name "Siping" in 1903, with the commencement of the railway's full operation.
Siping owes its growth and development in the 20th century to several key factors. A turning point was its transformation into an important transport hub. After the construction of the main line connecting Changchun and Dalian in 1902, the city began to grow rapidly, and the laying of new branches in 1923 and 1939 only strengthened its role as a regional commercial centre. Furthermore, its advantageous geographical position in the centre of the fertile Songliao Plain, at the intersection of routes from Jilin and Liaoning provinces and the Inner Mongolia region, made it a natural centre for trade and logistics. The high strategic value of the city is confirmed by the fact that it became the arena for several major battles during the Chinese Civil War (1945–1949). After 1949, Siping was quickly restored and continued its industrial development.
From the very beginning of the 20th century, Siping's economy was inextricably linked to its geographical position, which quickly turned the city into a trading hub for the densely populated agricultural region. Planned development began after 1907 under the management of the South Manchuria Railway Company. In the 1930s, enterprises for processing agricultural products began to appear here: breweries, oil mills, and flour mills. During the Second World War, a synthetic fuel plant was built. Today, Siping is known as one of the key bases for grain production in China, earning it the title of one of the "three granaries" of the Northeast.