It was founded in 1912 due to the construction of a railway between Novonikolayevsk and Barnaul. The Cherepanovo station was opened in 1915. It was granted town status in 1925.
Within the framework of administrative divisions, Cherepanovo serves as the administrative center of Cherepanovsky District. As an administrative division, it is incorporated within Cherepanovsky District as the Town of Cherepanovo. As a municipal division, the Town of Cherepanovo is incorporated within Cherepanovsky Municipal District as Cherepanovo Urban Settlement.