Around 1300 it was first a fief of the Marquises of Monferrato, then the Marchesi of Saluzzo, and then the family of Scarampi.
The country was often a land of conflict as a demonstration of the ruins of the ancient medieval tower, destroyed in the war between Spain and Austria in 1600, overlooking the town from the hill.
The economy of Santo Stefano Belbo is mainly based on production in wine, especially Moscato d'Asti and Asti Spumante.
working with gentle hazelnut of Piedmont play an important role in the economy of the village.
Cesare Pavese (S. Stefano Belbo 1908 - Turin in 1950). The popular novelist wrote many pages on his country. Today, the birthplace of Cesare Pavese was converted into a museum dedicated to him.