[4] The first settler within Cherry Valley was Joseph Griggs[4] who, along with his family, settled on the north bank of the Kishwaukee River in 1835.

Early landmark events for Cherry Valley was the establishment of a mill on the Kishwaukee River, and the coming of the railroad in 1852.

[8] The core of the village, centered on its main street businesses in small brick buildings, is surrounded by several blocks of houses built in the 19th century.

This late 19th-century appearance is further accentuated by turn-of-the-20th-century-style lamp lights as well as the original brick paving along the eastern end of main street.

Being near to an interchange on I-90 (Jane Addams Memorial Tollway) contributed to this shift, and in 2006 the toll booths on the Cherry Valley interchange and exit were removed because of increased traffic flow and the need to remove the chronic traffic jams that had built over the years.

[14] The north branch of the Kishwaukee River travels through Cherry Valley's central business district.

The largest body of water in the village is Cherry Valley Lake which is situated just east of the Kishwaukee River in Baumann Park.

Cherry Valley has the highest income and education levels of any community within the Rockford metropolitan area.

CherryVale, which draws shoppers from a radius of over 50 miles (80 km), produces the greatest single source of revenue for the village, in the form of a 1% sales tax that is levied and collected by the State of Illinois and then distributed to the community.

Another notable commercial enterprise in Cherry Valley is the Kegel Motorcycle Company, which has a strong claim to being the world's oldest Harley-Davidson dealership.