Wolffdene derived its name from the Wolff family that selected property in the area during the 1860s. There have been various spellings for the locality noted over a span of years including; Woolfdean and Woolfdene in 1888, Wolfdene in 1892 and the current Wolffdene since 1924.

The Luscombe Sugar mill was opened in 1885 and was run by Mr F. Shaw. The mill was erected by Brisbane engineers Messrs. Smith, Forrester, and Company. The mill had the capacity to produce three tons of sugar a day. Messrs Henderson, Hinchcliffe, Wolff and Savage were among well-known locals who attended the opening. Otto Wolff was the first official Sugar Boiler when the sugar industry was founded in the Shaws Pocket area.

In 1888 a receiving office opened in Wolffdene and was later designated a Post Office in 1927. In 1938 Mrs. Matilda Jesse Wolff (nee Daniels) who was Postmistress of the area for 30 years passed on. The Post Office continued operating until its closure in 1953.

The Wolffdene Provisional School opened around 1892. In 1894 local residents self-funded the expansion to the school building. In 1909 the school was renamed Wolffdene State School.  In 1912 the Head Teacher at Wolffdene School was Frances Greenelah who transferred from the Burdekin School. In 1934 tenders were accepted for the building of a new school building, and long-standing school teacher Mr. G. W. Marks was farewelled after 14 years service to the school. The school was closed in 1935, briefly reopened in 1939, before closing permanently in 1942.

In 1968 a proposal for a dam in the Wolffdene area was released. However in March 1990, Minister for Primary Industries the Hon. E. D. Casey announced that the site chosen for the Wolffdene dam would be abandoned for consideration as a future water supply dam.