The Qingdao Exchange Building, built in the 1920s, is the largest products and stock exchange building in modern Shandong. In addition to being a historical witness to the economic development of Qingdao over the last 100 years, it has also been a historical scene of cultural exchanges between China and the West after the opening up of China in the early 20th century. After several changes in the building’s property rights, the building was out of use for a long period of time, with a large number of materials and structures being damaged. The present authors participated in a feasibility study project on the conservation and restoration of the Qingdao Exchange Building. The objective of the present study was achieved through several qualitative methods, including the collection and analysis of historical files, analysis of historical maps and photos, investigation and research of historical information, comparative analysis, and others. Through the value research and technical analysis of the Qingdao Exchange Building, the historical, artistic, and scientific values of architectural heritage were investigated in the present study, and rehabilitation strategies and methods were explored. Additionally, the spread of certain characteristics of Western architectural culture in China in the early modern times was investigated based on the present case.