The village name is Anglo Saxon in origin, and means 'Hrafn's farm'.
In 1255 a priory of Augustinian canons was founded in Ravenstone by King Henry III. Later, in 1525 it was taken over by Cardinal Wolsey but seized by the Crown in 1544 along with the rest of Wolsey's possessions. After changing hands privately a number of occasions the building was eventually demolished, and today nothing remains.
The parish church in Ravenstone is dedicated to All Saints.