The paper sets out results of archaeological excavations in the Paikend (Paykand) city-site located in the south-west of Bukhara oasis (Uzbekistan) and abandoned in the Middle Ages owing to the lack of water in the lower reaches of the Zeravshan River. Paikend was situated at a distance of two caravan day trips from Amul-Farab, the crossing point on the Amu Darya River. Ancient trade routes, coming from China, the Near East, Eastern Europe and India met in this area. Paikend is mentioned by Chinese, Arabian and Persian authors. They reported that it was older than Bukhara, had one of the first Zoroastrian fire temples, and was named “Brazen city” because of powerful fortress walls. Due to its wealth and active involvement in the international trade it was also called “The City of Merchants”. The first archaeological research at the site was carried out in 1913–1914, then in 1939–1940. Systematic excavations started in 1981 with the works of the Bukhara Archaeological Expedition, jointly organized by the State Hermitage Museum and the Institute of Archeology of Uzbekistan. All constituent parts of the medieval Paikend were subjected in the research: Fortifications, the citadel (with ancient fire temple and mosque), residential quarters in both shahrestans, a bazar at the southern city gate, street networks, water supply and wastewater disposal systems, two suburbs with huge structures (caravanserais in the initial phase), and other objects. 2011 saw the start of exploration program, aiming at the study of the city-site’s early stages. It produced new results, helping to understand the history of Bukhara oasis (Western Sogdiana) as a whole, from the Hellenistic period till the Hephthalites time (the end of the 4th c. BC — 6th c. AD).