Since its opening to foreign trade after the First Opium War as one of five treaty ports, Shanghai rapidly evolved from being a small town to the most prosperous port as well as a key economic and financial centre in the Far East. It is now acknowledged as metropolis of a modern Asia and even worldwide. During this process, Shanghai became more strongly influenced by Western politics, economic structures, and culture than virtually any other city in Asia. Opened to the public in 2018, the new Shanghai History Museum has dedicated a permanent exhibition, entitled ‘Modern Shanghai’, to recording this phenomenal example of urban transformation between 1843 and 1949. This chapter assesses the exhibition as a means of evaluating the impact of Western colonialism on the city’s industry and commerce, finance, urbanization, health services, education, culture, and lifestyles. To achieve a balanced treatment, it (like the exhibition itself) engages with both negative and positive aspects of Western colonialism on Shanghai’s modernization and notes the challenges involved in the curatorial work that has shaped the exhibition’s interpretation and content.