Waterdeep was used as a trading site for trade activities between northern tribesmen and southern merchants more than two millennia ago. By 1,000 years ago, permanent farms had sprung up in the area. The first mention of a Waterdeep (not as a city, but as a collection of warlords) occurs only 400 years ago. The city was truly established as a going concern by 1032 DR, the year Ahghairon became the first Lord of Waterdeep, and the date from which Northreckoning is counted.

The city grew spectacularly, such that by 1248 DR both the City of the Dead and the guilds had been developed. The guildmasters seized control soon afterwards, ushering in a period of unrest and bitter conflict known as the Guildwars. The Guildwars ended only when the two surviving guildmasters brought in their own period of misrule. It was only in 1273 DR that the present system of government (or lack thereof was instituted. This was the year that the Magisters were established and the secret Lords of Waterdeep were firmly reestablished. Since that time, the city has continued to grow and prosper.

Humankind and other races come from all over the Realms to earn hard coin in the City of Splendors. Over the years these successful merchants have set up guilds and themselves become nobility, supporting the secretive Lords of Waterdeep who police the city fairly, yet with a light hand, by means of the superb city guard (soldiers), city watch (police), and over 20 black-robed magistrates. As a result, Waterdeep is a place tolerant of different races, religions, and lifestyles. This in turn has encouraged commerce, and Waterdeep has grown into a huge, eclectic city.

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