This paper examines the formation and evolution of Chinese society in Penang over 155 years. Since it was ruled by the British in 1786, many immigrants gathered in Penang. Among them, much of the population was Chinese. It could be offered to clarify the historical process of the development of Chinese society in Penang by paying attention to the three items - opium, tin, and rubber. All the conflict and friction over these products were main causes of prosperity and decay for the Chinese society in Penang. In the early 19th century, the Chinese colossus could get their capital accumulation by taking advantage of ‘opium farm’. They amassed their fortune through development of tin mines newly discovered in Perak during the late 19th century. It was the age of Chinese Colossuses deeply connected with Chinese secret societies. After the rubber plantations were developed by the Western capital in the early 20th century, the age of Chinese Colossuses was gradually fallen down. From this point of view one can be provided a new perspective on the history of Penang and the Chinese society of its own. The three scopes for history enable us to make a new interpretation about the issue of stratification within Chinese society in Penang. Especially this research focused on the economic characteristics of Chinese secret societies as ‘social capital’, and on the identity conflicts between traditional Strait Chinese(peranakan) elite and emerging sinkeh Chinese merchants. The identity problem between ‘Laokeh’ and ‘Sinkeh’ in the early 20th century was intentionally exaggerated by modern researchers. Their conflicts seems to be caused by different economic interests rather than identity. We need to consider again the rise and fall of Chinese society in Penang with flexible thinking.