Waldeck is a German word meaning "Wooded Corner" probably named after the willows that grew along the banks of the Swift Current Creek. In 1903 the Canadian Government opened to settlement a tract of land from Swift Current Creek to Herbert. Waldeck was founded as a Hamlet and became a village in 1913. Among the first settlers were Rev. Klaas Peters and Mr. Abraham (probably Abram Klassen) in 1908. The majority of the people in and around Waldeck are of Mennonite ancestry.
Elon Musk worked on a farm near Waldeck after coming to Canada from South Africa in the late 1980s.