In 1279 Robert Danvers held a fee at Epwell. Documents in the 14th through the 18th centuries often spelt the manor name as Ipswell, an Early Modern English name form that developed from Middle English in relative isolation due to phonological changes. Epwell was an exclave of the Hundred of Dorchester until the 18th century, when it was transferred to the Hundred of Banbury.
Epwell had a watermill and a windmill. The watermill building survives: it is just east of the village and was built early in the 18th century. The windmill was a tower mill northwest of the village. It was built of stone, had patent sails and a domed cap, and last worked in 1912.