Ancient Panjekent was a small but flourishing town of the Soghdians in pre-Islamic Central Asia. It was known as Panchekanth, meaning 'five towns'.

The ethnic and territorial name Soghd/Soghdian or Sughd/Sughdian is mentioned in history as early as the Iranian Achaemenid Dynasty (6th century BCE). The Achaemenids founded several city-states, as well as cities along the ancient Silk Road and in the Zarafshan valley.

The town grew in the 5th century CE and many professionals such as established businessmen and landowners made their livelihoods in Panjakent. In 722 CE, Arabian forces besieged and annexed the town. The last ruler of the town, Divashtich, fled into upper Zarafshan but he was captured and sentenced to death.

For around 50 years, ancient Panjakent was ruled by new administrators but towards the end of the 8th century the town on the upper terraces was depopulated and relocated. Many ancient ruins of the old city, particularly the city architecture and works of art remain today.