The first written reference of the town appears in a document, dating to the year 1126, in which the Countess Doña Mayor donates to the monastery of Sahagún.

On 5 March 1368 King Enrique II ceded the town to Alvar Pérez Osorio.

On 1 May 1623 King Philip IV of Spain granted Francisca de Valdés Osorio the marquisate of Valdunquillo.

The architecture of Valdunquillo consists mainly of adobe and brick with tile roofs, typical of Castile.

As time passed, its importance declined, and people fled to large cities, like Valladolid, Sevilla, Madrid, and Barcelona.