This place is famous for its specialized bazaars as well as its name is said to have come from the old caravans passing by this place and narrating their journeys to those present and other caravans.
Indian film actor Dilip Kumar was born in Qissa Khwani Bazaar on or about 11 December 1922.It was the site of the Qissa Khwani Bazaar massacre in 1930, when a large crowd of unarmed local protesters was crushed and fired upon by British armoured cars and soldiers.
During the region of Kanishka merchants used to come here, they used to do business at day time and at night they would go to an inn, sat around fire, sipping Qahwa and used to tell stories. Thus the bazar got its name "the Bazaar of Story Tellers".[