The population of Wallacestone was recorded as 746 residents at the time of the 2001 census.

[2] Nearby Falkirk was the site of William Wallace's last battle during the war of independence against the invading English.

On 22 July 1298 Wallace faced the English army, commanded by Edward I.

However, at Wallacestone is situated a stone pillar which replaced a much older stone to mark the place where Wallace stood to watch the approach of the English army from Linlithgow and command his army at the subsequent battle.

It also includes as far away as the start of the Highlands at Ben Lomond and the Trossachs to the west.