Although The Board of Trade Building retained much of its historic character and original design, a number of historically incentive alterations had changed the original Art Deco character of some lobby spaces and also resulted in all of the lobbies being poorly illuminated, The building was in need of extensive renovations on both the exterior and interior public spaces, so a $20 million renovation program was planned in 2004, commenced in 2005, and with the exception of elevators, was completed in 2006.

All work was done according to the Secretary of the Interior's Standards for the Treatment of Historic Properties and in accordance with Chicago Landmark's requirements. Blair Kamin, architecture critic of the Chicago Tribune pronounced that the rigorous restoration of the Chicago Board of Trade building as "an act of enlightened stewardship, one that marks resurgence of one of Chicago's great skyscrapers."

Also part of the renovation was the total replacement of elevator machinery, controls, and cab interior finishes and lighting of 24 passenger cars and one freight elevator, included replacement of DC electric service.

Rather than try to recreate the original cab design based on limited historical evidence, a new design was created, inspired by the Art Deco style of the building. Highlights include opaque glass wall panels with silver banding and black granite wainscot, cove lighting reminiscent of the distinctive beam lights found in the elevator lobbies, and stainless steel trim.

Complete water-mist power cleaning, caulking, and repair and replacement of limestone took place. The terra cotta mainly around the windows was cleaned with a gentle chemical solution.  A limited amount of terra cotta and stone required replacement. The new terra cotta had to match the existing color closely, and required several match trials. One of the more challenging aspects of the exterior restoration was the replacement of several carved limestone friezes located just above the granite storefronts.

Several of these friezes had become damaged due to corroded steel anchors. A stone carver in nearby Elgin was located that could accurately carve the panel design. The carver, a true artisan, first made templates of the ornament from the original panels, and then carved new stone slabs to match.

Meticulous restorations of the famous three-story lobby and mezzanines returned these frequently-visited public areas to their original beauty. Dropped ceilings and lighting installed in the 1950s were removed, and restoration of ceiling and light fixtures based on historical photos and design plans of the original building took place. Custom nickel silver moldings and unique lobby light fixtures where the originals had been removed years ago were recreated. Ceilings and plaster moldings were repainted in the original color as determined through precise chemical analysis.