Long traditions with mining of iron and sulphur made Malm an industrial centre of the county. The mining company Fosdalen Bergverk was owned by the state of Norway and some of the profit was spent to build a top modern primary school. The school of Malm was one of three pioneer schools in Norway, which started a 3-year long middle school (junior high school, grades 7-9) in the 1950s. New small industry has been established since the end of the mining period, where steel constructions for offshore vessels and bridges are made.
The municipality of Malm was established on 1 July 1913 when it was separated from the municipality of Beitstad to form a municipality of its own. The initial population of Malm was 993 people. On 1 January 1964, the municipality of Malm was merged with the neighboring municipality of Verran. Prior to the merger, Malm had 2,975 residents.