It was originally a highland in Furong Lake, such as the jade in the lake, hence its name. Yuqi Town was built in 1934, and was named after the resident. From June 1945 to April 1949, Yuqi Autonomous Experimental Township was established. Yuqi District was established in 1949, and Yuqi Township was established in 1957. Yuqi Commune was founded in 1958, changed to Yuqi Township in 1983 and changed to Yuqi Town in 1987.

Yuqi Old Street is listed as one of Wuxi's free tourist attractions, which restores the history of Yuqi. Yuqi Old Street was formed in the early Ming Dynasty, forming the basic pattern of villages in the late Qing Dynasty and the Republic of China. The old street "Yinglong Street" was built in the Ming Dynasty. This is a typical old village street in the south of the Yangtze River, with rows of traditional houses on both sides. It was once the political, economic and commercial center of Yuqi. There are many wine shops and tea houses in the old street, and the plug-in shops, white-walled wooden buildings and flowing ancient wells on the street still have something to watch in modern towns.