The first written mention as a village of Zhitomirsky Uyezd, Kyiv Voivodeship of the Grand Duchy of Lithuania dates back to March 26, 1499.

For sixty-five years it belonged to the Chornobyl Kmyts, a well-known and influential family of Right-bank Ukraine.

Since 1565, after it was sold by Filon Kmita,[2] the town became the property of the Olizar family,[3] who later received the title of counts.

[4] In 1779, Magdeburg rights and a coat of arms were granted with the image of the family emblem of the Olizar Counts: a golden church flag with a cross on a red background (noble coat of arms "Radvan").

Korostyshev native Leebe Shaikovich, whose name would be modified to Louis Sakowitz when he emigrated to the United States in 1886, founded the high-fashion department store chain Sakowitz, based in Houston, Texas, U.S..[5] On Oct 9, 1900 Henry de La Vaulx (1870–1930 and a companion set a distance record in a balloon traveling 1200 miles from Vincennes to Korostyshiv.