Wedgeport was settled in 1767 by returning Acadians who had been deported from Nova Scotia to the Boston area. The village of Wedgeport was formally called Tusket Wedge, and was also at one time called the "Chebec". In 1909 by an Act of Parliament, it was changed to Wedgeport.

In the 20th century, many famous Americans and Canadians traveled here due to large amounts of tuna in the area, including Babe Ruth, President Franklin Roosevelt, Kate Smith, Gene Tunney, Amelia Earhart, Ernest Hemingway, Jean Béliveau, Ethel du Pont, Thomas Gifford, Michael Lerner, Zane Grey and Tony Hulman. It is known as the "Historic Sport Tuna Fishing Capital of the World".