Although there is no firm evidence of earlier occupation, a flint axe [4] and a 2nd-century AD Roman brooch[5] were found near Aswarby.

In the mid-19th century, it was moved to a new site to make way for improvements to Aswarby Park; the original position is about 500 yards to the south-west of the modern village.

By the mid-19th century, it had descended to Sir Thomas Whichcote, 7th Baronet and High Sheriff of Lincolnshire.

[11] It is the setting for "Lost Hearts", a ghost story by M. R. James, a writer of supernatural short fiction.

The surviving estate properties are included in Aswarby's inventory of 19 Grade II listed buildings, which includes the Estate Office, several farmhouses, cottages, The Old Smithy, a walled garden and bothy, and a milestone.