The town is said to be named after an early visitor, Emile Roland, who was nicknamed "Lefeta," literally meaning "traveller" or "passer-by."

The cemetery, located near Mafeteng's Bantu Stadium, contains an obelisk in memory of members of the Cape forces who fell in action in the area.

Mafeteng has several industrial developments including a Gap/Old Navy clothing factory and the Lesotho Pharmaceutical Company (LPC), which also exports to several countries in the region.

In 2004, the soccer team from St. Thomas High School progressed through the tournament at Bantu Stadium and secured the national championship.

Subsequently, Bantu Stadium had to undergo closure for the renovation of its perimeter fences and spectator areas following the events of 2004.