It was created in 1698 for Christopher Vane, who had previously served as a member of parliament for County Durham and Boroughbridge.
His grandson, the third Baron, notably served as Paymaster of the Forces and as Lord Lieutenant of County Durham.
He was a general in the army and also sat as a Whig Member of Parliament for County Durham, Winchilsea and Totnes and as a Tory for Saltash and South Shropshire.
He represented Winchelsea and County Durham in the House of Commons as a Whig and St Ives and Ludlow as a Tory.
Like his two elder brothers he was childless and on his death 1891 the barony of Raby, the viscountcy, earldom, marquessate and dukedom became extinct, However, he was succeeded in the barony of Barnard, according to a decision by the Committee for Privileges of the House of Lords in 1892, by his distant relative Henry de Vere Vane, who became the ninth Baron.
The heir apparent is the present holder's son, William Henry Cecil Vane (born 2005).