A group of sawmill residents who built along the great Cedar Swamp petitioned the Annual Town Meeting of Dedham in 1721 for the privilege of becoming a separate Town with their own minister. Their petition was finally accepted in 1724 and they chose their Town's name in honor of the Prime Minister of England, Sir Robert Walpole.

The route of the Post Road traversed Walpole in which weekly postal service began in 1693 between New Hampshire and Baltimore; then later the first stagecoach line in New England which began in 1718. This ideal location is just 19 miles south of Boston and 26 miles north of Providence, and now has Routes 1, 1A, 27 as well as MBTA Commuter Rail and bus service to Boston.

Because of the natural resources of Great Cedar Swamp, bog iron and the Neponset River which falls 151 feet in Walpole, industry was attracted to locate early in Walpole. The community has always maintained an industrial tax base. Yet because of its vast 20 square miles of beautiful land, many families have found the charm of its rural character to be an ideal place to raise a family. Thus, the Town has evolved over time into a growing bedroom community with a stable mix of commercial and industrial land uses.

The townspeople are known for their typical New England hard work ethic, a very competitive attitude, particularly in sports; a strong pride in community and its schools and promotes as its motto: "Walpole, The Friendly Town".