It was first opened as a Shanghai ginshop by a man surnamed Wang in 1744. Named Baoyu Ginshop and originally located on Xiangua Street near Shanghai's eastern gate, it mainly sold yellow rice wine from Shaoxing in neighbouring Zhejiang Province. In the middle 1800s, under the guidance of the first Wang descendant, Wang Fangbo, it became renowned among men of letters, including Wang Tao, the well-known thinker of contemporary China.

Some time later, two Wang sons divided the business between them, renaming them Wang Baohe and Wang Yuhe respectively.

During the first few years of the Republic of China (1912-49), the owner of Wang Baohe Ginshop co-rented 543 Nanjing Lu (now 376 Nanjingdong Lu) with his clansman to open a new ginshop, abandoning the old address.

In the late 1920s, due to the expiration of the title deed, it moved to the current location at 342 Nanjingdong Lu. Although still selling wine as its main business, it started to sell cooked food, including hairy crab banquets which were only offered in the autumn.

After 1938, a branch was established at 603-605 Fuzhou Lu. But in line with the form of state capitalism adopted during the socialist transformation of capitalist enterprises in China, the one on Nanjing Donglu was ordered to close. Combined with the one on Fuzhou Lu, it was renamed the Wang Baohe Restaurant in the 1980s and has remained there until today.

In 1998, the Shanghai Tobacco Group co-invested with Deqiang Industrial Ltd and set up the four-star Central Hotel Shanghai on Jiujiang Lu which provides the same service as the Wang Baohe Restaurant.

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