It was established in 1822 as a rural settlement of Chapli. In 1828 the estate of Chapli was leased by the Duke Ferdinand Friedrich from Anhalt-Köthen (today in Saxony-Anhalt). The estate was renamed into Ascania, the Duke's family title the Duke of Ascania since 1330. The 25 sheep breeders and German colonizers from that county found a loosely populated settlement of Ascania-Nova. Later, in 1835, it became a khutir of Askania-Nova. In 1856 a Ukrainian-born German entrepreneur Friedrich Fein bought that estate from the Duke of Anhalt-Dessau (presumably Leopold IV) in 1856 (some 52,000 ha). Friedrich Fein was grandfather of Friedrich Falz-Fein, the founder of Askania Nova biosphere reserve. In 1890 it was known as the incorporated rural settlement of Askania-Nova.
The settlement became to be classified as urban since 1938.