In Ancient India The city was under region called Bhatner (alternatively spelled Bhatnair) because it was founded by king Bhupat in 255 AD.

It remained in the control of Rajput of Bhati clan and later occupied by Maharaja Soorat Singh of Bikaner.

[1] The remains found at Kalibangan[Pilibanga] in 1951 also gave birth to thought that this area was once a part of nearly 5000 years old Indus Valley Civilization.

Goluwala is growing as a valuable industrial town & Grain market of Hanumangarh district.

The economy of the city is based on grain market & agriculture, its main crops are wheat, mustard, and cotton.

Major industries are cotton ginning and pressing factories, mustard oil mills, wheat flour mills and brick stone, Cotton spinning and textile factories have seen high growth in recent times.