It all started back in 1784. The first residents on the islands of Risvær was Christopher Bernhoft. He came in the late 1700s and lived there with his sister Agnethe Bernhoft.

Andreas Jonassen Falch  bought the place in 1802. A favorable location in relation to the Lofot fishing made the fish processing companies on the islands a natural place to hand over the catch. The workplaces that were created led to a gradual increase in population over the 19th century - and in the late 1800s. Risvær became an important hub in the district. However, the number of permanent residents was never large compared to larger fishing villages in Lofoten. Risvær was primarily a seasonal fishing village with few permanent residents but with many fish farms. In 1901-1902, Risværkeila was dredged at the expense of the state and the islands eventually became connected to the electricity and telephone networks through sea cables. The "talking box" (former name of the telephone booth) came in 1925.

Risvær was a well-maintained fishing village that reached its golden age in the 1920s and 1930s, while the Lofoten fishery was at its largest. At the height of the fishing season these years, at least 400 boats should have been located only at Risvær, a number of which should have made it possible to go dry footed over Keila. In 1931, which was possibly the peak year, during the Lofot fishing there were 50 merchant vessels, 500 motor vessels and 300 open vessels during the season and with 431 boats at the same time at most. At the Norwegian Fisheries Authority's survey on March 22, 1931, there were 1416 fishermen and 406 boats registered present.

Risvær first got water supply through the "state well", while the municipal water supply came as late as 1973 through sea water. The reduction in Lofot fishing in the period following World War II led to a gradual departure from Risvær. Falch discontinued fishing in 1995 and moved the business to Svolvær. The last permanent residents moved in the 1996, and the archipelago gradually became a recreation area - including the Falch family who still live in the Heimøy farm. During the 1990s and 2000s, the remaining building stock with associated piers and fish farms was sold and restored for use as holiday homes. In addition to the existing buildings, other vacant land along the strait has also been excreted and sold during this period, including plots from previous buildings that had been dilapidated or demolished. Most of these have been built with cottages and fishermens cabins for recreational use.