The earliest specific mention of the Mill occurs in a document of 1248 by which Geoffrey Despenser granted it to William de Maisham for a term of 24 years. It is thought, however, that Cossington Mill is one of three mills mentioned in the Barrow upon Soar records of 1086. Certainly there are many references from the beginning of the 14th century to the present time with such names as John German (1412), Thomas Babington (1549), Richard Hopkins (1657), John Ratcliffe (1743), Peter Hancock (1827) and Henry Gardener (1908).

The Mill was first used for corn milling but by 1657 and possibly earlier both corn and paper milling were carried on under the same roof. This continued until around 1827 when it appears to have reverted to a corn mill, and as such was in use until 1928. The mill machinery was then taken out and the Mill gradually fell into a state of disrepair and dilapidation until 1938 when the property was purchased for conversion into tea rooms.

In 1965 the property changed hands and by 1967 it had been restored to its present condition and was opened as a restaurant, which closed at the end of 2002.

The Mill is currently in private hands.