After a major fire destroyed forest and town in 1694, Filipstad lost its privileges, as it was believed the remaining forest would not be sustainable if the town were to be rebuilt. In 1835 the rights were regranted. The local government acts of 1862 made the very privileges obsolete, but the title stad(city) remained in use until the municipal reform of 1971. Since then Filipstad is the seat of the larger Filipstad Municipality. Filipstad is, despite its small population, for historical reasons, normally still referred to as a city. Statistics Sweden, however, only counts localities with more than 10,000 inhabitants as cities.
At Filipstad, there is Klockarhöjdenmasten, a 330 metres tall guyed mast used for FM/TV-broadcasting.
Wasabröd, the largest crisp bread manufacturer in the world, has one of its two factories in Filipstad, the other being in Celle, Germany.