A railway station on the Pinjarra to Picton Junction railway line with the name "Drake's Brook", named after William Henry Drake, an Assistant Commissioner General and original landholder in the area (1847), opened in September 1893 and the town was surveyed and gazetted by March 1895.

It catered to the needs of the mill workers with a post office, general store, school, blacksmith, a number of hotels come boarding houses, churches, doctor and dentist.

The farms supplied butter, fruit and vegetables for the men of the mills, and chaff for the horse teams that hauled the logs.

Nearby Waroona Dam is a popular tourist and picnic spot and camping ground, offering activities such as canoeing and water-skiing.

Drakesbrook Weir has a new nature playground, shady trees and grassed picnic area with free gas bar-b-ques.

Waroona is only one hour south of Perth and is fast becoming a top tourist town with so many aquatic and recreational activities.

After police investigations, the remaining structure was removed, but a year later the council approved a memorial to the school to be built on the site in consultation with the Waroona Historical Society.

These include the "forest" of heritage bush poles near the northern tourist information bay, which are jarrah poles that have been carved and painted, as well as a 24-tonne (53,000 lb) concrete sofa with patchwork quilt, knitted by more than 60 local women, with pieces depicting life in Waroona.

The Waroona Heritage Trail – which can be walked or driven – passes by historic buildings and sites, and is marked by artistic bollards.

Waroona is located on the South Western Railway and is a stopping place for the Australind passenger train from Perth to Bunbury.