The first documents attesting the existence of the village date back to the year 917, when mention is made of an inhabitant of the area of Averara.
It is by far the oldest text as far as the entire upper Brembana Valley is concerned, so much so that it is believed that the toponym is intended to refer to the entire area that was commonly referred to as the Averara Valley, including the nearby Santa Brigida, Cusio, Olmo al Brembo, Ornica and Cassiglio.
It is common practice to believe, however, that the first stable settlements in this area can be traced back to the time of the barbarian invasions, when the populations subject to raids took refuge in remote places, sheltered from the impetus of the conquering hordes. In particular, it is presumed that it was the inhabitants of nearby Valsassina who arrived first (presumably around the sixth century), as evidenced by some place names that are the same between the two areas.
In medieval times the village played a fairly important role, being the last village on the road leading to Valtellina, in Graubünden. Being a border land, it was equipped with a customs house and two towers for preventive purposes. The construction of the Via Priula increased the importance of the village, which became an important commercial hub in the upper valley.
The end of the Venetian domination and the consequent advent of the Cisalpine Republic brought great changes to Averara, which found itself incorporated in the canton of the upper Brembana Valley, with its capital in Piazza Brembana, and many privileges that the Serenissima had guaranteed for centuries to the entire area were revoked.
Because of this there was a real collapse in transport, which caused the constant abandonment of the Via Priula, which fell into a state of abandonment, with consequent negative repercussions on the economy of the village.
The following years saw the French domination succeed the Austrian one, until 1859, when the Kingdom of Italy was born. During these years there were no important episodes, with people dedicated to live with dignity with what nature offered.
It was only in the last few decades that the tourism industry began to take hold more and more, and the village is recovering after a period of slow and inexorable depopulation.
The territory, made up of numerous small settlements, is immersed in nature and offers an excellent view. It is therefore possible to make an innumerable number of excursions, suitable for every kind of need.
In the inhabited centre stands out the porticoed street, once used for trade, in an excellent state of conservation, with coats of arms and paintings dating back to the 15th and 16th centuries.
Also worth mentioning is the parish church, dedicated to St. James, which houses sculptural works of good workmanship. There is also a production organ of the Serassi family.
Very characteristic are also the small churches of St. Pantaleone, dating back to the XV century, with a bell tower with mullioned windows, and that of the Madonna della Neve, in Valmoresca.