One of the United States' largest waterfalls, it played a significant role in the early industrial development of New Jersey starting in the earliest days of the nation.

As the ice receded, the river found a new circuitous route around the north end of the Watchungs, carving the spectacular falls through the underlying basalt, which was formed approximately 200 million years ago.

Hamilton commissioned civil engineer Pierre Charles L'Enfant, responsible for the layout of the new capital at Washington, D.C., to design the system of canals known as raceways to supply the power for the watermills in the new town.

Facing harsh conditions in factories, immigrant workers staged numerous strikes during and after the Great War, adding to social tensions of the time.

The area fell into disuse during a period of restructuring that resulted in a steep decline of industry in the region during the mid to late 20th century.

In 1971, concerned residents established the Great Falls Preservation and Development Corporation to restore and redevelop the historic mill buildings and raceways as artifacts of industrial history.

On March 30, 2009, President Obama signed the Omnibus Public Land Management Act[5] authorizing the falls as a national historical park, which would provide additional federal protections for the 77-foot waterfall.

Together they help demonstrate how jointed basaltic lava flow shaped the geology of the area during the Early Mesozoic period through both extrusion and intrusion.

An attempt in the 1990s to redevelop the adjacent Allied Textile Printing Co. (ATP) facility, destroyed by fire in the 1980s, into prefabricated townhouses was initially approved by the city but later repelled by a coalition of local citizens seeking to preserve the historic character of the district.

The hydroelectric plant at the falls is operated by Eagle Creek Renewable Energy, which is considering commissioning another facility downstream at the Dundee Dam.

The 2016 film Paterson, directed by Jim Jarmusch, is partly inspired by the works of Williams and features the falls as a primary location.