The area gained independence as a municipality in 1812, when it was separated from the municipal district of Chipude.  The capital of the new administrative district was set up in Arure, which also gave its name to the new municipality.

The lowland area of the municipality, the valley itself, was not settled until the mid 18th century, when settlers started to grow bananas and tomatoes, which were for export in the 19th century.

This led to a significant growth in both the economy and the population of the coastal area, where the main towns of the municipality were situated, such as Vueltas and La Calera, which became the municipal capital in 1950, when the name of the municipality was also changed to Valle Gran Rey.

Nowadays, most of the inhabitants live in semi-dispersed neighbourhoods along both edges of the ravine, among little vegetable gardens and date-palms, which make an extremely pretty landscape. The main neighbourhoods in the mid-valley are Los Descansaderos, Lomo del Balo, La Vizcaína, Higueras del Llano, Hornillo, Retamal, Chelé, Los Granados y Los Reyes, and, in the lower part of the valley, on the way to the coast, El Guro, Casa de la Seda, La Playa, La Calera, La Puntilla and Vueltas. In Vueltas, there is a small but very busy fishing port. Out of the valley, there are other little villages, such as Taguluche, Las Hayas and Arure, up in the border of the National Park.

The traditional economy on the coastal area was based on agriculture for export and fishing. In the inland areas, however, it was based on the cultivation of vegetable gardens and terraces to obtain food for self-consumption. In the later years, a flourishing tourist industry has developed, thanks to its excellent climate and beaches (La Playa, Playa del Inglés and Argaga), its beautiful sceneries and the vast rural accommodation it offers. Modern apartments have been built in La Puntilla and La Playa and tourist facilities have improved to the extent, that there is a ferry line that links the port of Vueltas, in Valle Gran Rey, with Playa de Santiago, San Sebastián and Los Cristianos.