The area is named after the flour mill built by George and Francis Coulstock on the Plenty River in the 1840s.

He bred racehorses and conducted a range of dairy and grazing activities, sufficient to occupy 65 persons housed in a village on the property.

The Mill Park property specialised in horse breeding into the next century and the Findon Harriers continued there until 1930.

Prior to 1957, the land today known as Yellow Gum Park where the quarry is located was part of the historic "Clear Hill" property, which stretched from the Plenty River east to Oatland Road.

Following on from residential development in Bundoora, subdivisions occurred in the 1970s and a kindergarten, pre-school centre and shopping complex were built by the end of the decade.

The shopping centre has several historic place names: The "Stables Shopping Centre" and Redleap Avenue commemorate the solidly built Redleap racing stables on the Miller property and the Plough Hotel commemorates the Plough Inn which formed a nucleus village in the Mill Park area during the 1850s.

The street "Mill Park Drive" is a large oval ring, which was once a horse racing track.

Many of the streets pay homage to past race horses, such as Phar Lap, Carbine, Eaglet, Whernside, Studley and Redleap.

Mill Park is also home to a community radio station, Plenty Valley FM (3PVR), which broadcasts on 88.6 MHz.

[7] Mill Park Soccer Club, an Association football team are based at Partridge Street Reserve.