The town of Bellvue was founded by Jacob Flowers, who brought several pioneer families west from Kansas in 1873. The area he chose was called Pleasant Valley, and his name for the new town is taken from the French term for "beautiful view." Besides the hills and valleys in the area, Bellvue also boasts a view of the Bellvue Dome, a huge upthrust of sedimentary rock overlooking Watson Lake.

Flowers platted the town of Bellvue in 1887 and used native sandstone to construct several buildings. Among those was a general store which today serves as a Grange Hall and Senior Center. He also built a three-story flour mill and a home for his family, all using stone from the local quarries. The two-story home is still in use today.

Flowers and another prominent pioneer, Charles Pennock, were interested in growing fruit trees; to supply these and other crops with water, they constructed an irrigation ditch from the Cache La Poudre River.

Flowers established the Bellvue Post Office in 1884 and served as its first postmaster.

The area around Bellvue continues to be primarily used for agriculture. The state of Colorado operates a fish hatchery there.

Today, about 1,000 families live in the community.