It was formerly a pit village,[3] the site of the Polmaise Colliery 3&4 (Polmaise Colliery 1&2 was situated at Milhall), originally opened in 1904 by Archibald Russell Ltd. At its peak, in 1957, it employed 778 people.[4] During the UK miners' strike of 1984–1985 it was reputed to be the only colliery in Britain where support was so strong that there was no need for pickets during the whole of the strike. British Coal decided to close the Colliery on 17 July 1987, marking the end of coal mining in Central Region.
Fallin has been the site of several new housing developments.
In 2022 Christmas lights will be erected for the first time – this is being created by the Fallin Community Voice and the PCC -through funding by residents of the village.
In 2024 a new community garden project will start in an area of the old Miners site close to the bing – which will link to route 76 bicycle route – along with links back to Stirling
