A settlement was founded at the present place of Sveti Vlas in the 2nd century AD by Thracians and other Greeks, possibly Larissa (Λάρισα), though this site is more likely to be at Cape St. Athanasius.

After 1912 and especially after 1920 tens of Bulgarian families emigrated from Greece, predominantly from Greek Macedonia and established themselves in Sveti Vlas.

Sveti Vlas is the only place on the Bulgarian Black Sea coast where the beaches face directly south.

Sveti Vlas has grown as a tourist resort in recent times, serving as a quieter alternative to nearby Sunny Beach.

The marina with its clubs and restaurants has become famous among the wealthier people in Bulgaria, and expensive cars like Ferraris and Porsches can frequently be seen.