The village is at the foot of Edge Hill and is notable for the Battle of Edgehill, one of the early major engagements of the English Civil War, which was fought in fields around the village and in the adjoining parishes of Ratley and Kineton.
After the Dissolution of the Monasteries under Henry VIII in the 1530s the lands of Radway were granted to various of Henry's circle, notably the Coke family. As the lands were sold over the following years, the manorial system of Radway broke down.
Radway became a centre of Puritanism during and after the Commonwealth period. Persecution of Radway's Quakers and the jailing of some led eventually to a small group emigrating in the 1680s to a Quaker colony in Gloucester County, West New Jersey. Letters from New Jersey still survive in the local record office.
Radway was enclosed in the 1750s.
The Church of England parish church of Saint Peter was designed by the Gothic Revival architect Charles Buckeridge and built in 1866. The remains of a previous church, dating from the Middle Ages, are still visible. Inside St Peter's are memorials re-set from the previous church. They include the 15th-century effigy of a priest, the effigy of Captain Henry Kingsmill who fought for Charles I and died in the Battle of Edgehill, and the architect Sanderson Miller who died at Radway. St Peter's has a ring of five bells, all cast by Robert Stainbank of the Whitechapel Bell Foundry in 1868.
The Grange, originally an Elizabethan gentleman's house, but Sanderson Miller extensively re-modelled them in Gothic Revival style, stands below the site of the original Stoneleigh Abbey grange and is still a private house. It was occupied by Douglas Haig before he became Commander in Chief on the Western Front in the First World War. The Grange is now owned by David Richards, former chairman of Aston Martin.
Radway has a cricket club.