Near the River Itchen, the village was one of the estates granted to the Coventry priory in 1403. From the 13th century it was held by the Bishops of Coventry and Lichfield, hence its name. In the 16th century the village was depopulated by the Fisher of Warwick, who pulled down its church to build his manor, but the village now has a population of nearly 2,500. St Michael's was rebuilt in 1872 in the Decorated style.
North of the village are Bishops Bowl Lakes which were formed from old limestone quarries used for the extraction of limestone in the making of cement which was a local industry during the 19th and first half of the 20th centuries. The lakes are now a very tranquil place, and very popular with fishermen. From the playing field, at the southern end of the village, are fine views over open countryside towards Burton Dassett Hills. The country lanes and field paths surrounding the village provide lots of opportunities for walkers, cyclists and horse riders