Purpose VoyvodaStreet in Galata district of Istanbul originated centuries ago at the inner walls of the medieval city and was one of the most significant of its era, which has preserved its unique character and urban identity. In the nineteenth century, it became an important financial axis for the city. This study aims to understand the factors which determined the axial character of Voyvoda Street and its urban identity. The street, which is under the influence of new dynamics is examined in relation to spatial and functional transformation.Design/Methodology/ApproachThe analysis was developed by two essential components: the street and the buildings that define the character of the street by its architectural components, and their functional transformation since thenineteenth century. The axial character of the street has been evaluated due to selected criteria. The data is based on literature review, the survey of historical maps, visual materials such as photographs and gravure prints, and on-site observations.FindingsThe street has been shapedand transformed by social, political, and economic developments, external and internal migrations, the influence of modernist architectural movements, urban reforms, Western innovations in transportation, and technical developments. Voyvoda Street’s strong character as an axis is determined by its historical buildings, which are attached to each other continuously that form a wall defining the boundaries of the street. It is one of the essential pedestrian connections and functions as a path. Since most of the buildings lost their original functions, following the re-use for various needs, the service and cultural industries have become dominant. Although the historical characters of some buildings have been changed by new additions, the original silhouette of the nineteenth century is still dominant.Research Limitations/ImplicationsVisual materials and resources of some buildings were available in detail, while for some of them, the materials were limited.Originality/ValueThe previous studies concentrated on urban, and architectural aspects of Galata district as a whole, whereas this study focused on the urban identity of Voyvoda Street. The street and the historical buildings that define the axial character and the image of the street by its architectural components, and their functional transformation have been analyzed.