In Adam and Charles Black's guide book to the area published in 1870, there is a note that Shalfleet is "not too lively".

Shalfleet had a railway station, shared with Calbourne, that was closed in 1953 when the line from Newport to Freshwater ceased operating.

In August 2009 metal detectorists searching near Shalfleet discovered an Iron Age hoard, the Shalfleet Hoard, consisting of four large bowl-shaped silver ingots, six small silver fragments, and one gold British B (or, 'Chute',) stater.

The discovery of this hoard contributes to the evidence that the Isle of Wight was occupied by the Celtic tribe, the Durotriges, during the Late Iron Age.

The hoard was reported to the Portable Antiquities Scheme, sent to the British Museum for examination, and ultimately sold at auction.