Phoenix Bakery was founded by Fung Chow Chan and his wife Wai Hing in 1938. Soon thereafter, F.C.'s brother, Lun joined the bakery business, which opened in New Chinatown’s Central Plaza. The bakery originally supplied the community with Chinese pastries that were difficult to come by in the U.S.
The logo of a boy hiding a pastry box behind his back was created in the 1940s by Tyrus Wong, who also painted "Chinese Celestial Dragon" in Central Plaza. The logo was modeled after one of the children in the extended family of bakery owner F.C. Chan. With more business than it could manage, the bakery moved to its current location in 1977. Still owned and operated by third-generation members of the Chan family, Phoenix Bakery continues to produce its trademark whipped cream and fresh strawberry cakes.