The dish is believed to have been derived in Southeast Asia (Nanyang) by the Chinese communities (particularly the Cantonese) who moved from China to the modern-day states of Malaysia and Singapore.

[6][failed verification] Malaysian historians and news media propose that the present yusheng originated from modifying an earlier fish noodle dish, served during Renri by Loke Ching Fatt (pinyin: Lù Zhēnfā; Jyutping: Luk6 Zing1 Faat3), who at the time owned Loke Ching Kee (Chinese: 陆祯记; pinyin: Lù Zhēn Jì; Jyutping: Luk6 Zing1 Kei3), a Chinese restaurant in the city of Seremban.

Then oil is poured out, circling the ingredients and encouraging money to flow in from all directions – referring to 一本萬利 / 一本万利 pinyin: yī běn wàn lì; Jyutping: jat1 bun2 maan6 lei6, meaning "make 10,000 times of profit with your capital", and 財源廣進 / 财源广进 pinyin: cai yuan guang jin; Jyutping: coi4 jyun4 gwong2 zeon3 meaning "numerous sources of wealth".

Carrots are added indicating blessings of good luck: the first word in the compound word representing the ingredient, "紅蘿蔔 / 红萝卜" (pinyin: hóng luó bo; Jyutping: hung4 lo4 baak6 pong6), 紅 / 红 (hong / hung) has a homophone in 鴻 / 鸿 referring to 鴻運當頭 / 鸿运当头 pinyin: hong yun dang tou; Jyutping: hung4 wan6 dong1 tau4 meaning "good luck is approaching".

Shredded green radish is later added symbolising eternal youth – 青春常駐 / 青春常驻 pinyin: qing chun chang zhu; Jyutping: cing1 ceon1 soeng4 zyu3, "forever young".

Sesame seeds quickly follow symbolizing a flourishing business (生意興隆 / 生意兴隆 pinyin: sheng yi xing long; Jyutping: saang1 ji3 hing1 lung4, meaning "prosperity for the business") Yu Sheng sauce, usually made from plum sauce, is generously drizzled over everything – a reference to 甜甜蜜蜜 pinyin: tian tian mi mi; Jyutping: tim4 tim4 mat6 mat6, meaning "may life always be sweet"[12] Deep-fried flour crisps in the shape of golden pillows is then added with wishes that literally the whole floor would be filled with gold (遍地黃金 / 遍地黄金 pinyin: bian di huang jin; Jyutping: pin3 dei6 wong4 gam1, "floor full of gold").

The yusheng had fish served with daikon (white radish), carrots, red pepper (capsicum), turnips, red pickled ginger, sun-dried oranges, key lime leaves, coriander, chilli, jellyfish, chopped peanuts, toasted sesame seeds, Chinese shrimp crackers (or fried dried shrimp), five spice powder and other ingredients, laced with a sauce using plum sauce, rice vinegar, kumquat paste and sesame oil, for a total of 27 ingredients.

[13][14][15] Originally, the dish used raw wolf herring, although salmon was later offered as an alternative due to said species' growing popularity with customers.