At the census of 2005 the population of the city was 45,868 inhabitants (the third-largest community in the state), and that of the municipality was 68,863. The municipality has an areal extent of 945.22 km² (364.95 sq mi) and includes many outlying communities, the largest of which are Popolá, Kanxoc, Yalcobá, and Xocén.
Named after Valladolid, at the time the capital of Spain, the first Valladolid in Yucatán was established by Spanish Conquistador Francisco de Montejo's nephew on May 28, 1543 at some distance from the current town at a lagoon named Chouac-Ha. Early Spanish settlers complained about the mosquitos and humidity at that location, and petitioned to have Valladolid moved further inland. On March 24, 1545, Valladolid was relocated to its current location, built atop a Maya town called Zaci or Zaci- Val, whose buildings were dismantled to reuse the stones to build the Spanish Colonial town. The following year the Maya people revolted, and were put down with additional Spanish troops coming from Mérida.