The fortress was built as a castle-like structure in the middle of the 10th century. If frequently changed owners subsequently and was the scene of raids and sieges time and time again. It began to fall into ruin at the end of the 15th century. From 1651 Gotha’s Duke Ernest the Pious had the castle rebuilt and its water supply secured by a 93 m deep well. It has been open to visitors since 1859. The fortress was restored and turned into a hotel from 1964 to 1969. Wachsenburg has been privately owned since 2001. There is a small castle museum in Wachsenburg’s north wing.