Recently, subways have become an important part of public transportation and have developed rapidly in China. In the subway station setting, pedestrians mainly rely on visual short-term memory to obtain information on how to travel. This research aimed to explore the short-term memory capacities and the difference in short-term memory for different information for Chinese passengers regarding subway signs. Previous research has shown that people’s general short-term memory capacity is approximately four objects and that, the more complex the information, the lower people’s memory capacity. However, research on the short-term memory characteristics of pedestrians for subway signs is scarce. Hence, based on the STM theory and using 32 subway signs as stimuli, we recruited 120 subjects to conduct a cognitive test. The results showed that passengers had a different memory accuracy for different types of information in the signs. They were more accurate regarding line number and arrow, followed by location/text information, logos, and orientation. Meanwhile, information type, quantity, and complexity had significant effects on pedestrians’ short-term memory capacity. Finally, according to our results that outline the characteristics of short-term memory for subway signs, we put forward some suggestions for subway signs. The findings will be effective in helping designers and managers improve the quality of subway station services as well as promoting the development of pedestrian traffic in such a setting.