[3] European settlement began in the 1830s, but it wasn't until the discovery of gold in the 1850s that development of the town took place.

In June 1925 a "sedan passenger car" was introduced to transport up to 27 people from the station to the Mount Buffalo Chalet.

There are several vineyards and wineries in the Porepunkah district, which is part of the cool-climate Alpine Valleys wine region.

[11] Nearby softwood plantations provide seasonal employment for thinning, pruning, planting and harvesting.

In the 2016 Census, the most common industries of employment for persons aged 15 years and over usually resident in Porepunkah were accommodation (13.3%); hospitals (7.0%); supermarket and grocery stores (4.8%); cafes and restaurants (4.6%); and local government administration (4.1%).

[12] On 10 April 1913, The Argus newspaper in Melbourne reported a "country record" of six wickets for one run by Porepunkah bowler John Graham in a match against Wandiligong.

The Murray to the Mountains Rail Trail, a popular cycling and hiking path built on this disused railway corridor, passes through Porepunkah.