The city is home to the Godoy Museum and the Museo Nacional de Bellas Artes (which contains old paintings from the XIX century), the Church of La Encarnación and the Cathedral, and the Panteón Nacional de los Héroes, a smaller version of Les Invalides in Paris, where many of the nation's heroes are entombed. Other landmarks include the Palacio de López (presidential palace), the old Senate building (a modern building opened to house Congress in 2003), the Catedral Metropolitana and the Casa de la Independencia (one of the few examples of colonial architecture remaining in the city).

Calle Palma is the main street in downtown where several historical building, plazas, shops, restaurants and cafes are located. The "Manzana de la Rivera", located in front of the presidential palace, is a series of old traditional homes that have been restaured that act as a museum and showcases the architectural evolution of the city. The old railroad station still maintains the old trains that now are used in tourist trips to the cities of Luque and Areguá.

Asunción also has luxurious malls that contain shops of the most well-known brands in the world. The biggest shopping malls are Shopping del Sol, which includes a Macys-style department store: Unicentro, Mariscal Lopez Shopping and the downtown-located Mall Excelsior.