Located on the south bank of the Chicago River, the park is divided into three sections by defunct Santa Fe rail track and 18th Street.

The Chinese American Development Corporation, a private real estate firm formed by Ping Tom then purchased a former 32-acre (13 ha) rail yard in 1989.

The southern-half of the area then underwent significant renovation, as the retaining wall along the river was repaired and an at-grade rail crossing was installed at the park's western boundary.

[4] After fighting for decades for the construction of a new park in Chinatown,[5] civic leader Ping Tom formed the Chinese American Development Corporation (CADC), a private real estate firm, in 1984.

Five years later, the firm purchased a former 32-acre (130,000 m2) Santa Fe rail yard and began construction on Chinatown Square, a $100 million residential and commercial development project.

Having designed landscape along Chinatown's Cermak Avenue, Wong was familiar with the community and invited the public to voice their opinions and ideas for the future park.

The park's original design called for walled plazas inspired by traditional Chinese gardens in Suzhou, China.

[11] Before construction of then-named Chinatown Riverside Park could begin on the strip of land south of 18th Street, the area required significant renovation.

[11] The US Army Corps of Engineers then restored the badly deteriorated shoreline of the Chicago River, the park's western boundary.

The plan called for the development of the area's shoreline and access points, as well as the construction of a cultural arts and recreational facility and a boathouse.

[14] In 2008, the Chicago Department of Transportation hired Knight E/A to redevelop the 18th street bridge underpass and create two plazas to extend the park north.

On September 19, 2011, Mayor Rahm Emanuel held a press conference in the newly opened expansion of the park to announce a plan to build a series of boat houses along the Chicago River.

[16] On October 14, 2013, Mayor Emanuel officially opened the Ping Tom Memorial Park Fieldhouse, a 30,000 square-foot facility with a gymnasium, natatorium, fitness center, and meeting rooms.

Located in the east plaza of the 18th Street bridge underpass, it is modeled after the blue and white designs of Ming dynasty porcelain.

On September 7, 2019, during a celebration of the 20th anniversary of the park, the "Between the Mountains and the Water" mural was dedicated in the west plaza of the 18th Street bridge underpass.

Also on that date, "Welcome to Ping Tom Memorial Park" and "Be Like Water" (上 善 若水) murals were dedicated on the westernmost support.

The Chicago Dragon Boat Race for Literacy, started in 1999, is a philanthropic event held annually at Ping Tom Memorial Park.

[23] The park also acts as the finish line to the Chicago River Flatwater Classic, an annual 7.25-mile (11.67 km) canoe and kayak race.

The performance was the first in an annual series of site-specific plays created to introduce audiences to undiscovered, often-overlooked Chicago locations.

The performance included floating props in the Chicago River and also incorporated the park's active, surrounding trains into the act.