In historical times Pen was under rule of the Silaharas of Shri Sthanak (Thana) from 9th to the 12th Century and subsequently it passed under the control of the Yadavas. As Silaharas rarely acted as sovereign rulers and acknowledged the successive suzerainty of Gujarat in the north, Karnatak in the south, Pen is often referred to as belonging to their respective dominions. When Shayastakhan was sent against Sivaji, a detachment of the Moghal army had been kept at Pen but it was subsequently routed by him. In 1668 Pen is mentioned as a port which acknowledged the Moghal as its superior, though it lay in Sivaji's territories [ Bruce's Annals, II. 242.]. In 1676 it is mentioned by Fryer [ New Account, 51, 61, 77.]. Parvatibai, the wife of Sadasivrav Bhau, the hero of Panipat, came from the Kolhatkar family of Pen which incidentally had taken active part in inciting the impostor of Bhau to rise against Savai Madhavrav. In 1819 the easy communication with Bombay and with the Deccan by the Bor pass made Pen an important centre. Its chief prosperity lay in its salt beds. There was a considerable export of rice to Bombay [Revenue Diary, 142 of 1819, p. 2570.]. A number of carved stones about the town appear to belong to an unusually large temple of about the thirteenth or fourteenth century.

Moreshwar Adlabs(Multiplex) : Because of plans to set up SEZ on the outskits of Pen city, it has seen a rapid development in recent years.In 2007 Moreshwar Adlabs(Multiplex) was launched by Adlabs cinemas. It is a 2 screen cinema hall with all modern facilities and first of its kind in Raigad district. Also retail chain called Spencer's Daily also started their retail store in Pen. Pen Municipal Corporation is building a mall cum shopping complex called Center Point and a state of the art Drama theater.

Speciality
Pen is very famous for its Ganesh Idols which are used widely for the "Ganesh Festival". Many of Ganesh Idols in Mumbai are brought from Pen. There are multiple lanes [termed as "Ali"] which consist only of such Idol Making craftsmen. Going through these lanes one can see the whole process of developing Ganesh Idols. Number of Ganesh Idols are now even exported to the Marathi population in US.

Papad or "Poppudom" made in Pen are also very famous. Papad's of multiple types are made here eg from potato,poha(rice) etc. Majority of Papad Exports are done from Pen.There are number of small scale business setups who sell Papad's.