Due to economic and contractual difficulties, the Hong Kong Government decided not to proceed with the construction of the full system, and the Island line was put on hold.

The station was originally planned to open along with the rest of the line, but completion of the station was delayed by the reprovisioning of government offices in the Fire Brigade Building (where Hang Seng Bank Head Office now stands) and the fruit wholesale market on New Market Street, which had to be demolished for the setting up of vertical shaft and crossover box, respectively.

The platforms were never completed, and have a length of about three MTR EMUs (while normal trains have eight each), roughly 60 metres long; do not have tracks nor overhead power lines; and have all tunnel entrances sealed with bricks.

Commuters can get out of Sheung Wan station at Exits A1, B, E1 or E3 to get to the tramways on Des Voeux Road Central, for their journey further westwards to Sai Ying Pun, Shek Tong Tsui and Kennedy Town.

The Hong Kong–Macau Ferry Terminal, located within Shun Tak Centre, provides frequent jetfoil, hydrofoil and hovercraft services to Macau and many other destinations in the Pearl River Delta.