[1] The town's name derives from the Old English æsc-burna-tun meaning 'farm/settlement with a stream frequented by ash trees'.

During the English Civil War, Ashburton was a temporary refuge for Royalist troops fleeing after their defeat by General Fairfax at nearby Bovey Tracey.

Ashburton railway station closed to passengers in November 1958 although goods traffic on the line continued until 7 September 1962.

Ashburton was the first place to elect a candidate of the Official Monster Raving Loony Party to public office.

The candidate was Alan Hope, a local publican, who was elected unopposed to Ashburton Town Council in 1989.

South Dartmoor Community College, a large secondary school for pupils aged 11-18, is located in Ashburton.

Their previous building was sold by public auction on 19 July 2017, when it was bought by Ashburton Arts Ltd (a not-for-profit company limited by guarantee) using funds donated or loaned by members of the community.