The area of present-day Wakuya was part of ancient Mutsu Province, and has been settled since at least the Jōmon period by the Emishi people.

Wakuya has a mayor-council form of government with a directly elected mayor and a unicameral town council of 13 members.

Wakuya and the neighboring town of Misato together contribute one seat to the Miyagi Prefectural legislature.

In terms of national politics, the town is part of Miyagi 5th district of the lower house of the Diet of Japan.

The economy of Wakuya is largely based on agriculture, primarily the cultivation of rice, spinach, and spring onions.