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The village includes Anjarakandy Cinnamon Estate, established by the East India Company in 1767. The estate, reputed to be Asia's largest, and the associated processing plant are still operational. Visitors are permitted to view the process of preparing cinnamon spice and extraction of oil. The local king, Pazhassi Raja and the British East India Company waged war for control of the estate.[dead link]
Lord Brown of east India Company Started a system of keeping a record of Land transactions done by him to open Anjarakandy Cinnamon estate triggered opening up of a new Department of Land Registration in British Government in Asia region, This Land Registrar's office is located at Anjarakandy in a 242 year old building built in 1767 
Onakkan Menon was born in Ancharakandy, in a famous thiyya tharavad, 'Kalathil Uppot' in the year ME- 1071. He studied Kathakali from Manakkadan Kunhambu Gurikkal's kathakaliyogam at Eranholi, Thalassery. The name of his teacher was Manakkadan Kunhambu Gurikkal. Onakkan Menon practiced kathakali several years in Eranholi and began to teach kathakali. Then he conducted his own kathakali yogam in his homeplace Ancharakandy and taught kathakali for the students belong to thiyya community. Unfortunately this kathakali yogam existed for a short period only. The subcast 'menon' is considered as an upper class community name. Onakkan Menon did not belong to Menon community. His family was engaged in the job of 'Amsam Menon'. So the entire family was known as 'Menon". Onakkan Menon died in the year ME- 1096.
The Kannur medical college is super-specialty hospital.
One of the best High school in the state of Kerala (Anjarakandy High school) is also located in Anjarakandy.