Although The Flagstaff Mine was the first silver discovery in Park City, it was the discovery of the rich Ontario mine that initiated efforts to mine lode ores and stimulated Park City's rapid growth and gave it the reputation as a great silver mining camp. In 1872, shortly after its discovery, the Ontario mine was sold for $27,000 to George Hearst of San Francisco, father of William Randolph Hearst. During its productive life as a mine it reportedly produced some $50,000,000 of ore

The Panic of 1893 slowed Park City’s growth, and on 19 June 1898 fire raged through the Park City commercial district and Main Street lay in ruins. The 200 building that burned down were rebuilt within a few years, and in 1978 the Park City Main Street Historic District was listed in the National Register of Historic Places. The collapse of silver prices and the effects of the First World War sent Park City into a slow decline. In 1951, Park City was listed in a book called "Ghost Towns of the West", even though the city still had 1150 "ghosts".

The Slopes of Jupiter Mountain were opened in 1963 as the Treasure Mountain ski resort, with skiers being transported through the old silver mines to the tops of the ski runs. Aerial trams once used for hauling ore were converted into chairlifts for skiers. In 1995, Salt Lake City was awarded the 2002 Olympic Winter games, and Park City was the site of many of the events at the Utah Olympic Park, Deer Valley, and Park City Mountain Resort.