Since established as a prefecture-level city in 1987, Weihai has kept sound and rapid economic growth, with the average annual growth of GDP by 17% and Per Capita GDP over $10,000, reaching the standard of moderately developed countries. As the Top 50 city in comprehensive economic strength and Top 40 city in hard investment environment, Weihai is the Dark Blue Zone of the Blue Economic Zone of Shandong peninsula with the rural per capita net income of about 10,000 RMB and its urban disposable income per capita of over 20,000 RMB, which is 20 times that 20 years ago. The agriculture in Weihai develops steadily. It is the National Water-saving Agriculture Demonstration Zone, Pilot City of Agriculture Modernization of Shandong Province, and Demonstration Area of Modern Fishery. With solid industrial foundation, it is one of the core cities of manufacturing base of Shandong peninsula and the biggest manufacturing base of fishing gear, tire, medical macromolecular products, woodworker, and carpet. Tertiary industry in Weihai develops rapidly. The tourism has become the pillar industry in Weihai, attracting more than 24.14 million Chinese and foreign tourists in 2011 with the tourist revenue of 25.297 billion RMB.

Weihai is the first city awarded as China's National Hygiene City and among National Excellent Tourist City Cluster, National Model City Cluster for Environmental Protection and National Garden City Cluster. It has been awarded the China Habitat Environment Prize, the National Greening Model City, Ecological Demonstration Zone, National Forest City and Excellent City in Comprehensive Management of Social Security. In addition, it has received the United Nation Habitat Award and has been awarded by the UN as the Best Practices to Improve the Living Environment and as the Example for the Best City in the World for Inhabitation.

In the past 20 years, the number of visitors to Weihai has increased by 10 times, and the tourist income has contributed to GDP by 11.98%, witnessing a radical change in Weihai tourism. There are more than 80 tourist attractions, including a state AAAAA-class scenic spot, Liugong Island and several state AAAA-class scenic spots such as Mount Cheng, Mount Chi, Silver Beach Resort, Great Mount Ru Resort, Huaxia City, Tianmu Spring Resort, Xianguding Scenic Area, Tangbo Spring. They are not only favored by Chinese Tourists, but also selected by European tourists as the Favorite Tourist City in China.