As with the rest of Portland's settlements, Fortuneswell has been designated as a conservation area, to protect its special architectural and historic interest, since 1976.

[1] The village name was first recorded as "Fortunes Well" in 1608, and evidence has suggested this originated from the belief in the occult star-telling power of its water, where one's luck could be seen.

[3] Over the centuries the village was largely made up of open space, with high-quality houses spread out across the community.

A large number of terraces were erected across the village area, and were crammed into any available open space.

[citation needed] The influx of residents and visitors allowed Fortuneswell to flourish commercially, with many businesses becoming established there.

The original project suggested the construction of high-quality villas, however, prefabricated buildings were erected instead.

[6] With the closure of the naval base in 1995, Fortuneswell has since seen some economic decline in business, although various independent stores remain active.

A victim of suspected arson, the nightclub caught fire one evening in 1992 and the remaining shell was demolished soon after.

[citation needed] Towards the highest point of Fortuneswell, heading towards Priory Corner, is Old Hill – a very steep footpath linking Underhill with Tophill.

[5] Infant and primary education within the village became provided by Isle of Portland Aldridge Community Academy in 2012.

The house has been subject to local stories, as it stood in ruin for over one hundred years before being privately renovated in the late 1990s.

[20] The steep street Mallams was once a separate hamlet from Fortuneswell, and features various notable buildings - with the road having extensive terraces from the 18th and 19th centuries.

[23] The building has been Grade II Listed since January 1951, and the churchyard walls, gate piers, railings, and steps, dating from 1839–1840, became Grade II Listed in September 1978 at the same time as two headstone monuments, about 5 metres north east from the west tower of the church.

[24] The Royal Portland Arms is Grade II Listed, and dates from the mid-19th century and was often visited by King George III.