The remains of the medieval village of Wallerthwaite are located in a wide hollow south west of the village of Markington. The settlement was located on the south side of a green which occupied the floor of the hollow. A street extended through the green and continued as a road beyond either end. Houses were built on slight terraces extending south west up the slope to the south of the green. A range of enclosures and yards, some of which were under cultivation, lay to the north west of the houses separated by tracks and paths. The north east of the green and the surrounding fields were occupied by field systems including arable and pasture.
The remains of the house platforms and enclosures south west of the street survive as low earthwork banks with the intervening tracks still visible. In
some of the enclosures remains of medieval ridge and furrow cultivation survives.
Of the original medieval field system, only the section lying in the field
immediately north east of the green is included in the scheduling. Here
remnants of ridge and furrow and associated balks and headlands survive as
earthworks.
The original main street running through the village remains and now survives as Wallerthwaite Lane, albeit  partially underwater. 
Little else is known of the history of Wallerthwaite. It existed in the medieval period and, in common with other medieval settlements in England, became deserted, although it is not known exactly when or why this occurred. It was deserted by the 14th century and it is thought that the Black Death in 1349 and raids by the Scots earlier in the century were likely responsible.