In 1949, the first rural credit cooperative after the liberation of Shanghai was established in the Zhenru District.

In 1958, a total of 10 counties including Songjiang, which were previously under the jurisdiction of Jiangsu Province, were successively transferred to the jurisdiction of Shanghai. By then, the scope of rural credit organizations in Shanghai had largely taken shape. In December 1958, rural credit cooperatives became credit departments of communes. In December 1962, rural credit cooperatives separated from people's communes and resumed independent operations. At the end of 1969, rural credit cooperatives began to be managed by the "Committee for the Management of Poor and Lower-Middle Peasants." In 1977, rural credit cooperatives and the People's Bank of China started sharing offices.

In October 1979, after the restoration of the Shanghai Branch of the Agricultural Bank of China, rural credit cooperatives were placed under the management of the Agricultural Bank of China, and the "branch-cooperative joint operation" system was fully implemented. In August 1984, the Shanghai Branch of the Agricultural Bank of China conducted a reform pilot at the Luodian Credit Cooperative in Baoshan County, establishing the first county-level cooperative.

In July 1996,  The State Council of the People's Republic of China issued "Decision on the Reform of Rural Financial System," which stated that the Agricultural Bank of China would no longer lead the rural credit cooperatives. The management of rural credit cooperatives' business would be taken over by county-level cooperative unions. The People's Bank of China would directly undertake the financial supervision and management of rural credit cooperatives. 

In August 1996, the Shanghai Municipal Government established the Shanghai Rural Financial System Reform Leading Group, which had an office responsible for the management of credit cooperatives and county-level cooperative unions in Shanghai.

In October 2000, the inaugural congress of the Shanghai Rural Credit Cooperatives Association and the first representative congress of members were held. On March 23, 2001, the Shanghai Rural Credit Cooperatives Association officially commenced operations. On February 28, 2005, the Mobilization Conference of deepening the reform of rural credit cooperative system in Shanghai was held in the International Conference Center, marking a new stage of the reform of rural credit cooperative in Shanghai.

On August 15, 2005, the preparatory work group of Shanghai Rural Commercial Bank organized the founding meeting and the first general meeting of shareholders of Shanghai Rural Commercial Bank Co., LTD., and obtained the approval for opening on August 19, 2005.On August 25, 2005, Shanghai Rural Commercial Bank was officially established with the registered place: No. 981 Pudong Avenue, Pudong New Area, Shanghai. The head office address is No. 728 West Yan 'an Road, Changning District, Shanghai.

On February 18, 2009, Shanghai Rural Commercial Bank initiated the establishment of the first village bank in Shanghai - Chongming Changjiang Village Bank officially opened.

On May 1, 2009, the headquarters was moved to No. 8 Yincheng Middle Road, Pudong New Area, Shanghai.

On April 28, 2011, the Jiashan Branch was grandly inaugurated in Jiashan County, Zhejiang Province, marking a historic step for Shanghai Rural Commercial Bank in cross-regional development. On June 28, 2011, the first branch in the central region of China, Xiangtan County Branch, was established. On April 26, 2012, the Kunshan Branch, the first branch in Jiangsu Province, was established.

From 2012 to January 2013, a total of 34 Village Banks were established in Hunan Province, Shandong Province, Yunnan Province, Beijing, and Shenzhen.

On June 18, 2015, Shanghai Rural Commercial Bank initiated the establishment of Yangtze United Financial Leasing Co., Ltd., with a registered capital of RMB 2.45 billion. As of now, the bank holds 54.29% of the shares in Yangtze United Financial Leasing.

On January 1, 2018, the headquarters relocated to No.70, Zhongshan Road (East-2), Huangpu District, Shanghai.

On August 19, 2021, Shanghai Rural Commercial Bank became a listed company on the main board of the Shanghai Stock Exchange, with the stock symbol "Hu Nong Shang Hang" and stock code 601825. Currently, the registered capital of Shanghai Rural Commercial Bank is RMB 9.644 billion, with a network of over 360 branches and a total staff of more than 10,000 employees.