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In 1694, Arent Schuyler, a surveyor, trader and land speculator, was sent by the British into northwestern New Jersey to investigate rumors that the French were trying to incite the local Lenape Native Americans to rebel against them. He found no evidence of a rebellion, but discovered a fertile river valley where the Lenape grew crops. Schuyler reported his findings to the British and then convinced a group including Major Anthony Brockholst and Samuel Bayard to invest in the land he referred to as the Pompton Valley. The group chose Schuyler to be the negotiator with the Lenape and Bayard to negotiate with the East Jersey Company, the owner of the land rights from the King of England. The group completed their purchase of 5,000 acres (20 km²) on November 11, 1695, and the area became part of what was then known as New Barbadoes Township in Bergen County. Schuyler constructed the Schuyler-Colfax House at this time.

In 1710, the area became part of Saddle River Township. During the Revolutionary War, General George Washington made his headquarters at the Dey Mansion, first in July 1780, and again in October and November 1780. Alexander Hamilton, Washington's aide-de-camp, stayed at the house with him. Troops and generals were spread throughout the area during encampments, including the township's namesake Anthony Wayne and the Marquis de Lafayette, who made his headquarters at the nearby Van Saun House. Near the end of the war, Arent Schuyler's granddaughter Hester Schuyler married William Colfax, a member of Washington's Life Guard, and they lived together at the Schuyler-Colfax House.

In 1837, Passaic County was formed from portions of Bergen County, and the area became part of the new Manchester Township. On April 12, 1847, the first township organization meeting was held, and the citizens voted to split from Manchester and named the new municipality Wayne.

Throughout the 18th and 19th centuries Wayne remained predominately agricultural, with some industry in the form of grist, saw, and cider mills, blacksmiths, and a Laflin & Rand gunpowder plant. Numerous farmsteads in the township employed slaves until gradual abolition began in New Jersey in 1804, however, the practice continued in some instances under the veil of "apprenticeship" until the Thirteenth Amendment in 1865.

In 1868, Milton H. Sanford, owner of the Preakness Stud, purchased a racehorse for $4,000, naming it Preakness. On the horse's maiden start, he was entered into the inaugural "Dinner Party Stakes" at the new Pimlico Race Course in Maryland, winning the race on October 25, 1870. In 1873, Pimlico ran its first race for three year-olds and named it the Preakness Stakes, in honor of the first horse to win a race at the track. Today, the Preakness is the second race in the Triple Crown of thoroughbred racing.

The Morris Canal ran through the southwestern part of Wayne, carrying produce to markets and coal from Pennsylvania. The canal was replaced by the railroad at the end of the 19th century. In the early 20th century Wayne grew as a vacation retreat for wealthy New Yorkers who came by train to stay in bungalows along the area's lakes. New Jersey Route 23 and U.S. Route 46 were constructed across the township during the Great Depression.

During World War II, summer bungalows were converted to year-round residences to accommodate people moving to Wayne to work in war-related industries. Following the war, Wayne suburbanized as farmlands were turned into housing developments, and Interstate 80 was built through the southern part of the township.

The 2010 United States Census counted 54,717 people, 19,127 households, and 14,230 families in the township. The population density was 2,306.0 per square mile (890.4/km²). There were 19,768 housing units at an average density of 833.1 per square mile (321.7/km²). The racial makeup was 86.07% (47,097) White, 2.28% (1,247) Black or African American, 0.09% (51) Native American, 8.18% (4,478) Asian, 0.02% (11) Pacific Islander, 1.80% (985) from other races, and 1.55% (848) from two or more races. Hispanic or Latino of any race were 7.92% (4,335) of the population.

Of the 19,127 households, 33.0% had children under the age of 18; 62.9% were married couples living together; 8.6% had a female householder with no husband present and 25.6% were non-families. Of all households, 22.2% were made up of individuals and 12.3% had someone living alone who was 65 years of age or older. The average household size was 2.71 and the average family size was 3.21.

22.0% of the population were under the age of 18, 10.3% from 18 to 24, 21.1% from 25 to 44, 29.6% from 45 to 64, and 17.0% who were 65 years of age or older. The median age was 42.8 years. For every 100 females, the population had 91.9 males. For every 100 females ages 18 and older there were 88.4 males.

The Census Bureau's 2006–2010 American Community Survey showed that (in 2010 inflation-adjusted dollars) median household income was $100,638 (with a margin of error of +/- $3,630) and the median family income was $117,745 (+/- $5,252). Males had a median income of $80,420 (+/- $5,367) versus $54,413 (+/- $2,379) for females. The per capita income for the township was $40,875 (+/- $1,473). About 2.2% of families and 3.6% of the population were below the poverty line, including 2.9% of those under age 18 and 6.6% of those age 65 or over.

Same-sex couples headed 105 households in 2010, an increase from the 75 counted in 2000.

While Wayne has been and remains predominantly White, it has increased in diversity over the years. From 2000 to 2010, the percentage of every minority group has gone up. Some of the prevalent ethnic minority groups include Indian Americans at 3.0% and Korean Americans at 2.0%, while Puerto Ricans were 2.3% of the population.

As of the 2000 Census, there were 54,069 people, 18,755 households, and 14,366 families residing in the township. The population density was 2,269.5/mi² (876.4/km²). There were 19,218 housing units at an average density of 806.7/mi² (806.7/km²). The racial makeup of the township was 90.05% White, 1.66% African American, 0.10% Native American, 5.67% Asian, 0.02% Pacific Islander, 1.17% from other races, and 1.34% from two or more races. Hispanic or Latino of any race were 5.09% of the population.

There were 18,755 households, out of which 34.4% had related children under the age of 18 living with them, 66.4% were married couples living together, 7.6% had a female householder with no husband present, and 23.4% were non-families. 20.2% of all households were made up of individuals, and 10.1% had someone living alone who was 65 years of age or older. The average household size was 2.74 and the average family size was 3.19.

In the township the age distribution of the population shows 23.2% under the age of 18, 8.1% from 18 to 24, 27.6% from 25 to 44, 24.9% from 45 to 64, and 16.2% who were 65 years of age or older. The median age was 40 years. For every 100 females, there were 90.6 males. For every 100 females age 18 and over, there were 87.4 males.

The median income for a household in the township was $83,651, and the median income for a family was $95,114. Males had a median income of $61,271 versus $39,835 for females. The per capita income for the township was $35,349. About 1.6% of families and 2.8% of the population were below the poverty line, including 2.1% of those under age 18 and 4.8% of those age 65 or over.

People who were born in, residents of, or otherwise closely associated with Wayne include: