This work maps and interprets the evolution of the urban footprint of Phnom Penh from 1973 to 2015 and reviews its main socio-ecological impacts. The discussion of these changes focuses on (i) changing livelihoods on the urban fringe; (ii) the numerous, and sometimes large, real-estate projects that have sprung up around the city centre on former wetland areas and are funded by strongly imbricated capital interests between the nation’s elites and foreign investors; (iii) a comparison of the urban growth figures with other Asian cities; and (iv) current land policies in Cambodia.