Colonel Hendrick Paine, nephew of Edward Paine, founder of Painesville, moved his family from Parkman, Ohio, in 1818 to this little valley. It became known as "Paine's Hollow." Paine built a log cabin on the terrace on the north side of the valley.
In 1974, the area was named Paine Falls and was dedicated as a park by Lake Metroparks.