The village has a rich history. Relics have been found which date to Neolithic times. The village is also the birth place of the historical Scottish hero William Wallace around 1270. There is a monument in the village to commemorate his life (which apparently stands on the site of his childhood home, and on the site of the now gone Elderslie Castle) and a parade is held every August in his honour. The main industry in Elderslie was carpet making. From 1862-2003, Stoddard's carpet firm was famous for high quality carpets. The company made carpets for the famous liner Titanic and also for the Queen's wedding in Westminster Abbey. The factory was demolished after closure.