The mill was founded as ironworks in the late eighteenth century and closed down in 1884. It started again as a paper mill in the early 20th century. The final closure of the mill took place in 1978. The mill has since then been preserved and has been filled with small industry, construction workers and artisans during the year. It is now famous for its art cooperative Not Quite.
In 2015, Fengersfors Mill was awarded as the award Industrial memorial of the year. The utility is very well-preserved and many of the machines are still there. There are several information boards with stories and facts about life in Fengersfors over the centuries.