Historically, Māori visited the Wānaka area to hunt and fish in summer, or on their way to seek pounamu (greenstone) on the West Coast. Ngāi Tahu abandoned their seasonal camps after a raid by a North Island war party in 1836.
The current town was founded as Pembroke during the gold rush of the 19th century, and renamed to Wanaka in 1940. Along with the rest of the Queenstown-Lakes District, Wānaka is growing rapidly, with the population increasing by 50% between 2005 and 2015.