The village name is Anglo Saxon in origin, and means 'Picel's thorn tree'. It was recorded in the Domesday Book of 1086 as Pincelestorne.
Pitstone was given to the abbey at Asheridge by the Earl of Cornwall in 1283. In 1290 King Edward I spent Christmas in Pitstone at the estate that had been given to the abbey, and stayed for five weeks, during which time he held parliament in Asheridge. His stay caused great inconvenience to the local inhabitants of the village, who were legally obliged to keep the king and his court.
More recently Pitstone was the site of a cement works which were closed in the 1990s. The site has now been demolished and is currently used as landfill.