The Plant was formerly known as Resources Commission General Machinery Co., Ltd., which was established on March 28, 1946. After the foundation of the People's Republic of China, it was named Shanghai Turbine Works (STW) by the state on August 30, 1953, and became the first enterprise in China to design and manufacture steam turbines. In 1955, China's first 6MW steam turbine was successfully manufactured by using Czechoslovakian technology, the plant was therefore known as the "Cradle of China Turbine Manufacturing". In December 1995, Shanghai Turbine Co., Ltd. (STC), which is controlled by China, was jointly established with Westinghouse. In 1999, the equity of Westinghouse was transferred to Siemens, STC became a global cooperative partner of Siemens. In 2007, it was merged into the new joint venture Shanghai Electric Power Generation Equipment Co., Ltd. On November 15, 2014, Shanghai Electric and Ansaldo jointly established Shanghai Electric Gas Turbine Co., Ltd. and Ansaldo Gas Turbine Technology Co., Ltd. As of 2022, the domestic cumulative installed capacity of the steam turbine units produced by STP exceeds 580GW, with a market share of nearly 40%. The products are exported to more than 30 countries and regions.

The Plant is the first enterprise in China to pass the ISO9001 Quality System Certification. It has passed the certifications of ISO14001 Environmental Management System and OHSMS occupational health and safety management system. It has won honorary titles such as "National Innovation and Excellence Advanced Grassroots Party Organization", "National Civilized Unit", "National Model Enterprise for Creating Harmonious Labor Relations", "National Advanced Enterprise for Implementing Excellent Performance Model", "National Model Employees’ Home", "National Excellent Unit for Enterprise Culture Construction", etc.

After 70 years of continuous development and the unremitting efforts of several generations of STP employees, the Plant has developed into a leading modern manufacturing enterprise in China, focusing on a full range of products and services of thermal turbines, nuclear turbines, gas turbines and industrial turbines.