The Princely State of Phaltan was one of the most prominent non-salute princely states of India, which was under the indirect rule of the British Government of India. The state was under the central division of the Bombay Presidency, which was under the states of the Kolhapur Dekkan Residency, Satara Agency and eventually the Deccan States Agency. The Princely State of Phaltan was among the Satara Jahagirs and covered a total area of 1,028 sq km. Phaltan State had a total population of 45,739, revealing a decrease in population by 31% in the decade, according to the 1901 census of India. Further more, the population of the town of Phaltan was 9,512 in the year 1901. The official flag of the princely state of Phaltan was rectangular in shape and consisted of bicolor pattern of orange over green.
The princely state was ruled by the descendants of the Hindu ruling family of Naik Nimbaji Nimbalkar. He was a Maratha who was given a grant by a Mughal emperor during the 14th century. The ruler of the state was given the official title of Naik Nimbalkar or Raja. The last ruler or Raja of the princely state of Phaltan was Major His Highness Raja Bahadur Shrimant Malojirao Mudhojirao Nanasaheb Naik Nimbalkar IV.
On 8 March 1948, the Princely State of Phaltan acceded to the Dominion of India. At present, the territory is a part of the Indian state of Maharashtra.
The chronology of the rulers or Rajas of the princely state of Phaltan are mentioned below-
* Naik Baji II Nimbalkar (1470-1512)
* Naik Mudhoji I Nimbalkar (1512- 1527)
* Naik Baji Dharrao Nimbalkar (1527- 1560)
* Maloji II Nimbalkar Naik (1560- 1570)
* Naik Vangoji II Jagpalrao Nimbalkar (1570- 1630)
* Naik Mudhoji II Nimbalkar (1630- 1644)
* Naik Bajaji I Nimbalkar (1644- 1676)
* Naik Vangoji III Nimbalkar (1676- 1693)
* Naik Janoji Nimbalkar (1693- 1748)
* Naik Mudhojirao III Nimbalkar (1748- 1765)
* Naik Sayajirao Nimbalkar (1765- 1774)
* Naik Maloji III Rao Nimbalkar (1774- 1777)
* Naik Janrao II Nimbalkar (1777- 1827)
* Naik Bajaji II Rao Nimbalkar (1827- 1841)
* Mudhoji IV Rao Naik Nambalkar Raja Shrimant (1841- 1916)
* Maloji IV Rao Mudhojirao Naik Nimbalkar Raja Bahadur Shrimant (1916- 1948)
