Unlike other streets in the area, Fuk Wa Street is not named after a place in China. Its name means blessing (fuk, 福) and prosperous (wa, 華) while its brother street Fuk Wing Street glorious, prosperous (wing, 榮). Upon creation, it was named Om Yau Street (菴由街), but was later changed.
Part of the street from Nam Cheong Street to Kweilin Street is a street market from 12 noon until 9 pm, with numerous stalls selling varieties of goods like old books and clothes. The Golden Computer Arcade is located in its section between Yen Chow Street and Kweilin Street. The section of the road due south of Nam Cheong Street is notorious for being the red light district of Sham Shui Po.