Built in 1560 as an L-plan tower house by the Alexander family, Menstrie Castle was extended in the 17th century.

The castle was burnt by Montrose in 1645, and in 1648 passed to the Holborne family, who held it until 1719 when it was sold to George Abercromby of Tullibody, whose family held the estate until 1924.

The building had started to deteriorate from the mid-18th century and was in danger of being lost completely by the 1950s. A campaign for funding towards restoration and preservation led to the castle being listed Category A (as a building of national importance) in 1960, and by 1964 it had been fully restored and converted into flats (including a self-catering holiday apartment).

Menstrie Castle was the birthplace (around 1570) of Sir William Alexander, later the 1st Earl of Stirling, who led the Scottish colonisation of Nova Scotia. There is a commemoration room to the Baronets of Nova Scotia, adorned with the arms of the 109 Nova Scotian baronetcies.