The souq was founded at least a century ago in proximity of the dry river bed known as Wadi Musheireb. It was a gathering place where Bedouins and locals would trade a variety of goods, primarily livestock goods. However with the boom in prosperity in the 1990s, the Souq fell in decline and in 2003, most of it was destroyed in a fire. This event initiated a restoration program by the government in 2006, with the purpose of preserving its architectural and historical identity. The first phase of restoration was funded by the Emir Sheikh Hamad bin Khalifah al Thani and his wife Sheikha Moza bint Nasser. Buildings constructed after the 1950s were demolished whereas older structures were refurbished. The restoration was completed in 2008. Traditional heating methods are employed by utilizing wood and bamboo imported from various areas of Asia.

Souq Waqif provides an authentic taste of traditional commerce, architecture and culture. The maze of small shops offer a dazzling array of Middle Eastern merchandise from spices and seasonal delicacies such as fresh dates and nuts, to perfumes, ornate jewellery, clothing, handicrafts and a treasure trove of souvenir bargains.

Traditional music, art and cultural shows add to the ambience of this special place which also houses a comprehensive visitor centre. Relax and soak up the vitality and atmosphere at one of its eclectic mix of great restaurants and cafes which offer traditional Qatari food as well as regional dishes and treats from Asia and North Africa. The souq is also home to a number of art galleries and a traditional falconry market.