Phsar Thmey literally means New Market. The location where the building now sits was once a swamp area and occupied by a lake known as Beng Decho. It was transformed to this beautiful Phsar Thmey (New Market) since 1937; the name stays and has now become a prominent landmark in Phnom Penh.

The dome, among the largest in the world, branches out with four tall arch-roofed arms branching out diagonally across the block, creating vast hallways housing countless stalls that sell anything from fresh produces to cooked food, new to used clothes and all sorts of trinkets. The entrances to the market are lined with souvenir merchants hawking everything from T-shirts and books to silver curios and copperwares. Inside is a dazzling display of jewels and gold. Electronic goods, stationery and flowers are also sold.