The Oostendorper Watermill is a unique, double waterwheel mill from 1548, built on the orders of Emperor Charles V. It functions as a grain mill and an oil mill. The grain mill (with two wheels) stands on the right bank of the Buurserbeek, and the oil mill (with one wheel) on the left bank.

In its early days, the mill frequently changed hands among noble owners. During the Eighty Years' War (1584), the complex was completely destroyed by warring parties and rebuilt in 1633.

In February 1946, an extreme flood caused the oil mill to be completely washed away. The municipality of Haaksbergen purchased the remains and had the mill rebuilt in 1950 in a somewhat romantic style by architect Jan Jans. After a period of decay, a major restoration followed in 1987-1988, restoring the mill to its original state and making it fully operational again.

The mill is still active. Volunteers regularly demonstrate how grain is milled and oil is extracted from linseed.

The mill is a protected national monument.