Preston was originally formed on land belonging to the German Company Tract, along the Speed River, which was purchased earlier from the Six Nations Indians.

Even in the early 1800s, the area included homes, a store, an inn, small shops operated by artisans and craftsmen, mostly immigrants from Germany.

[12] The Canadian Gazetter of 1846 indicates a population of about 600 inhabitants, two churches, a post office that receives mail each day, a steam grist mill, and tradesmen of various types.

The primary attraction was the mineral baths in the basement, whose high sulphur content was believed to cleanse the body and treat arthritis and rheumatism.

The city considered issuing a demolition order but in June 2020, the matter was referred to a provincial tribunal that handles disputes on heritage properties.

In particular, Preston merchants feared a loss of business that might ensue from shoppers taking the streetcar to Galt rather than shopping locally.

These concerns were partially addressed by having the head office of the railway company be located in Preston, rather than Galt as originally intended.

The steam equipment which powered the street railway's electrification system, including the boilers and engines, was supplied by the Goldie and McCulloch Company of Galt.

When completed, the result was a 4-mile (6.4 km) line running from the Great Western Railway station in Galt along Water Street, then alongside the road between Preston and Galt (now Concession Boulevard), then along the centre of King Street in Preston, crossing the Speed River using a timber trestle bridge.

A number of industrial sidings were constructed to serve freight customers along King Street, providing street-level urban freight rail service to three large Preston furniture factories, as well as a coal yard, wood yard, flour mill, and stove and furnace foundry.

The Great Road between Dundas and Berlin (Kitchener) as well as the railroad connections helped the community to continue growing into an important industrial centre.

[19] While most of the population of what became Waterloo County, Ontario was Protestant in 1911, Preston had a larger share of Roman Catholics, 844, while 862 were Lutherans, 707 Methodists, 704 Anglicans, and 525 Presbyterians.

It was started by Olaf "Olie" Waimel as a big band music venue and included a massive outdoor dance floor.

[21] The local government is the Cambridge City Council consisting of a mayor and eight councillors, each representing a ward.

[22][23] Cambridge is represented in Ottawa by Bryan May (Liberal), the federal member of Parliament who defeated the previous incumbent MP (Gary Goodyear, Conservative – 2004 to 2015) in the October 2015 election.

[24] The Region consists of the cities of Cambridge, Kitchener, and Waterloo, and the townships of Woolwich, Wilmot, Wellesley, and North Dumfries.

In June 2009 Regional Council voted to approve a plan to construct a light rail line, which has been named the Ion rapid transit.

[26][27] As of late February 2017, the Kitchener-Waterloo portion was well into the final phase of construction, but plans for the Cambridge section of the LRT were still in the very early stage.

Three routes had been agreed on in 2011, with eight "endorsed" stops: at Fairway, Sportsworld, Preston, Pinebush, Cambridge Centre Mall, Can-Amera, Delta and Ainslie Street Terminal.

[29] The University of Waterloo School of Architecture campus is located in nearby Galt in the Riverside Silk Mill, also known as the Tiger Brand Building.

The Grist Mill Centre including a new Giant Tiger Department store is a small commercial mall on King Street in Preston.