The first documented mention of the city is from 1624, while the legend says it was founded in the 15th century. During the Ottoman rule of Bulgaria, it was known as Balbunar ("copper well") in Turkish, as the town was centred on the Copper Well that is now the town square. A primary school was founded in 1890 and the Cyril and Methodius community centre (chitalishte) followed on 4 May 1891. The then village acquired its present name in 1934 and was proclaimed a town in 1949.
An influx of investment has come from Bulgarians and other nationals since EU accession in 2007 leading to a boost to the local economy. The town is now serviced by over 5 builders merchants which is an indication of the expansion and renovation that is currently going on in the area.