[2] The town remained economically backward until the late 19th century, when construction of the Friedrich Willhelm Railway in 1893 fostered industrial development, including a sugar beet plant, a steam plow factory, and two brickyards.

During this period, many substantial commercial and buildings as well as a distinctive Rathaus (city hall) were constructed and gave Woldegk a more cosmopolitan flavor, although it remained essentially a rural village.

At the end of the war in 1945, the interior of the stone St. Peter's Evangelical Lutheran Church was gutted by fire when a phosphorus bomb dropped through the roof, killing a number of refugees from the surrounding area who had taken shelter there.

Tourist literature and the town's motto promote Woldegk as the City of Windmills (Stadt der Windmühlen).

FWW Fahrzeugwerk GmbH was founded in 2001 as defense technology company, to repair wheeled and tracked vehicles and components, "partnering with the Bundeswehr, NATO, Western European countries and the United Nations".