In 1832,[7] Dr. Calvin Jones, originally from New England, bought 615 acres (2.49 km2) of forested land in Wake County, North Carolina.

The Raleigh & Gaston Railroad, completed in 1840, established a depot in nearby Forestville that stimulated the school and surrounding village.

In 2007, the town was listed by Forbes magazine as the 20th fastest growing suburb in America, with a 73.2 percent increase in population between 2000 and 2006.

This area is known as the "Fall Line" because it marks the elevation inland at which waterfalls begin to appear in creeks and rivers.

[13] The W. E. B. DuBois School opened in 1926 for the African-American community in Wake Forest before racial segregation ceased in 1971.

The house contains collections of photos, books, college publications, furniture, documents, professors’ writings, and medical, law and sports memorabilia.

The town manager is appointed by the board to serve as the chief operating officer administering all municipal affairs.

[22][23] The current mayor is Vivian A. Jones (R, term expires 2025) and the board of commissioners are James E. "Jim" Dyer (R, 2023), Nick Sliwinski (R, 2025), Chad D. Sary (R, 2023), R. Keith Shackleford (D, 2025), and Adam B. Wright (D, 2023).

[24] A new town hall facility opened in downtown Wake Forest in September 2010,[25] and was LEED Platinum certified in November 2011.

It began offering classes in 1950 on the original campus of Wake Forest University and is commonly known by its acronym, SEBTS.