The first part of the name refers to the North Calder Water, the small river that flows through the village: however the second element is unknown.

Iron from the Calderbanks works was used to build the Queen Mary cruise liner.

The Monkland Canal was extended to the west of the village in the late 18th century and was used as a route to transport coal to Port Dundas in Glasgow 12 miles (19.3 km) away.

Calderbank was the site of early Christian settlement, by monks from Newbattle Abbey in the Borders.

Individuals include Helen McKenzie; a nurse and only female resident of Calderbank to be killed in the First World War.