Under the tsars, the city was Russia's cultural, intellectual, commercial, financial, and industrial center. After the capital was moved back to Moscow in 1918, the city's political significance declined, but it remained a cultural, scientific, and military-industrial center.

In 1991, as the result of a city referendum, it was renamed St. Petersburg. The administrative unit encompassing the towns and villages in the vicinity of St. Petersburg reflects this change — after the city regained its original name, the region remained Leningradskaya Oblast. In May 2003, the city celebrated its 300th birthday, for which many historical buildings and landmarks were renovated to attract tourists.  

St. Petersburg is known for its beautiful architectural landscape, which includes a complex bridge-raising and lowering schedule during the nautical season. The city is traversed by multiple rivers and canals — the Neva being the most notable. The Hermitage is one of the world's great fine arts museums.

The city subway is quite deep due to the subterranean waters from the rivers and the sea. In winter, the city gets about 3 hours of sunlight, while during mid-summer the sun never sets. During this time St. Petersburg celebrates the peak of the tourist season as guests from more southern latitudes flock to the city in order to experience the famous White Nights. In the winter, temperatures average a chilly 17 F (-8 C), while on a really cold day it might drop to 5 F (-15 C).

Business in St. Petersburg is growing and the local GDP has been steadily rising since the Russian financial crisis of 1998. The city economy is well diversified, with a well-developed service sector.