The Royal Exchange in its current form was constructed between 1914 and 1921 to designs by architects Bradshaw, Gass and Hope, and was officially opened on 8th October 1921 by King George V and Queen Mary.

The building retained much of the perimeter masonry of the earlier northern block (1867-74), particularly along Exchange Street and Market Street. The distinctive masonry detailing over the entrances to the exchange, arcade and department store dates to this time.

The Royal Exchange Theatre Company took up residence in 1973, and in 1975 construction of the new Royal Exchange Theatre began. The steel-framed structure, designed by Levitt Bernstein, is suspended from the main columns supporting the dome, and can seat up to 700 people in the round. It was completed in 1976.