The town, being close to the North Anatolian fault, has been hit by earthquakes several times.

The area around Pazarköy was a part of Bithynia in antiquity and the Byzantine Empire in the early Middle Ages.

After a brief Isfendiyarid occupation during Ottoman Interregnum between 1402 and 1413, it was recaptured by Murat II and continued as a part of Turkey thereafter.

[4] Due to lack of adequate agricultural land, the population of the town is declining.

Some citizens prefer to work in other Turkish cities as cooks (the trademark profession of the Mengen district).