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The area's name was first recorded as Myllehill in 1547 and appears to mean "hill with a windmill". However, the workings of the original Mill are in the building adjacent to The Mill Field. Mill Hill Village is the oldest known inhabited part of the district, a ribbon development along a medieval route called 'The Ridgeway'. It is thought that the name 'Mill Hill' may be derived from a mill on The Ridgeway, built on an area of open ground (now a park) known as The Mill Field. The village is bounded on the north and the south by Green Belt land, and its High Street, at 100 yards, is the shortest in London.

The area's proximity to the city made it popular as a country retreat from the 17th century onwards, and large houses and quaint cottages survive. William Wilberforce (MP, and abolitionist of the slave trade) and Sir Stamford Raffles (founder of colonial Singapore) both briefly resided here, the former being the patron of Mill Hill's first church, Saint Pauls. As late as 1960 five shops existed in the Village (Griffin's sub-Post Office, The Blenheim Steps, Cook & Son (sweets and groceries), Hawes Brothers (grocers) and Vincett's (butchers)) but although the buildings survive, they have all since been converted into private houses, as the retail focus in the area shifted to Mill Hill Broadway. As of February 2011, the only places in Mill Hill Village where money can be spent are The Three Hammers and Adam & Eve pubs and Belmont Farm (which includes the Waffle Cafe).

"Partingdale" and "Burtonhole" form a distinct valley north of The Ridgeway. North is Folly Farm and Folly Brook, a tributary of the Dollis Brook, running west to east. Between The Ridgeway and Folly Brook are the National Institute for Medical Research, Burtonhole Farm, a garden centre called Finchley Nurseries, and several sports grounds.

Arrandene Open Space and Featherstone Hill is a large open space which is bordered by Wise Lane, Wills Grove, Milespit Hill and The Ridgeway. While there are many open spaces in the area, Arrandene is unique because of its many open fields, meadows and woodland. The open fields were originally hay meadows which provided feed for the horses pulling carriages north to Barnet and beyond.

On Milespit Hill, there is a non-denominational Mill Hill Cemetery, formerly known as the "Paddington District Cemetery". The 1960s pop singer Billy Fury is buried there. The cemetery also contains 53 Second World War Commonwealth war graves and The Netherlands Field of Honour, which contains the graves of more than 250 servicemen of the Netherlands, many of them having been brought to the cemetery from other United Kingdom burial grounds.

To the southwest of Mill Hill Village is a small suburban district called "Poets' Corner", and to the north an old estate, now a nature reserve, Moat Mount Open Space.