The square is surrounded by private homes, but since medieval times the rights to use their windows, balconies and doorways during bullfights are owned by the town (see easement), which auctions them to the highest bidders.

The town is full of deep excavated caveswhich were traditionally used to store the wine because of the constant temperature they kept all year around.

The town witnessed a clear expansion when the Spanish Rail System reached it, and this also profited the surrounding region.

The castle now hosts the Wine Museum of Valladolid, and offers an impressive view of the town and the surrounding region.

Many wineries are located near Peñafiel: the town is at the heart of the Wine Region of Ribera del Duero.