We introduce and study the lattice of generalized partitions, called weighted partitions. This lattice possesses similar properties of the lattice of partitions. By use of the pictorial representation of a weighted partition, the total number is given by the successive Stirling transforms of the Stirling number of the second kind. We construct an explicit $EL$-labeling on the lattice, which implies this lattice is $EL$-shellable and hence shellable. We compute the Möbius function and the characteristic polynomial by use of a pictorial representation of a maximal decreasing chain. Further, a maximal decreasing chain is shown to be bijective to a labeled rooted complete binary tree.