Much of the downtown area, including the train station, was destroyed in a 1921 fire; it was replaced in 1922–23 with a one-story brick building on the same site.

[3]: 170  Around the same time, the Cheshire Railroad completed its line from South Ashburnham, Massachusetts (where it met the Vermont and Massachusetts Railroad) to the New Hampshire side of Bellows Falls; the bridge across the Connecticut River was completed that June.

[2] Boston–Montreal traffic also passed through Bellows Falls until around 1853, when the Vermont Central began using the Northern Railroad as its main Boston connection.

[2][6] A one-story brick Railway Express Agency (REA) building with a cupola on its roof was built next to the station between 1878 and 1885.

[2] All passenger service on the Rutland Railroad - including the Boston sections of the Green Mountain Flyer and Mount Royal via Bellows Falls - ended on June 26, 1953.

[7] In 1984, the Green Mountain Railroad began operating excursion service from Bellows Falls.

[2] The Montrealer was suspended north of Springfield, Massachusetts, on April 6, 1987, because of deteriorating track conditions on the B&M-owned section of the CV mainline between Brattleboro and Windsor, Vermont, as well as the Connecticut River Line in Massachusetts.

[17] After National Railroad Passenger Corp. v. Boston & Maine Corp. upheld Amtrak's right to seize the Vermont section and resell it to the CV, the Montrealer resumed service on July 18, 1989.

[18] On April 2, 1995, the overnight Montrealer was replaced with the daytime Vermonter, with its northbound terminus truncated to St. Albans.

Writer John Irving commented that "Indeed, the Bellows Falls train station and its attendant buildings showed all the usual signs of neglect; it required only some period automobiles, and of course the steam engine and vintage passenger cars, to look like St.

"[19] In January 2020, the town of Rockingham considered purchasing the poorly-maintained station building from the Green Mountain Railroad for $120,000.

[22] In December 2021, the village Board of Trustees endorsed an application for a federal grant to cover $100,000 of the $250,000 purchase price.

Town plans to reconstruct the original platform canopies were rejected by the New England Central because they would block visibility of a signal.

[29] The Vermont Agency of Transportation obtained a $1 million federal earmark for the platform project in March 2024.

[31] In July 2024, testing found that vapors from nearby contaminated soil were leaking into the basement of the station building.