Eleven villages were administered by the town until 2004, when they were split off to form Balș, Costești, and Ion Neculce communes.

During World War II, in March and May 1944, this area was the scene of the two Battles of Târgu Frumos, part of the First Jassy-Kishinev Offensive.

Many were sent to the work camp Tudoreni-Rechita, situated in Botoșani County, while others were deported to Transnistria.

Târgu Frumos was also a 24-hour stop of the "Death train" going to the Călărași camp.

At the 2021 census, Târgu Frumos had a population of 9,597; of those, 70.92% were Romanians, 4.77% Roma, and 2.72% Lipovans.