The church's origins date to the 12th century, when a limestone building with a nave, narrower chancel and semicircular apse replaced an earlier wooden church. A sturdy tower was added around 1200, and the church was extended eastward later in the same century.
A significant renovation between 1675 and 1689, promoted by court official Zakarias Rehnberg, enlarged the windows and reinforced the vaulting with timber beams and iron bands to prevent collapse; many of the fittings from this period, including the pulpit and font, survive. The tower itself was rebuilt in 1774 in a rococo style with a shingled cupola, and it is thought the swan finial dates from around this time.
The church took its present neoclassical form during a substantial rebuilding of 1842–1845, overseen by the Nyström family of master builders. The medieval vaults and remains of the triumphal arch were replaced with barrel vaults, new large windows were introduced, and a new sacristy was built to the east; the tower was raised so that it appears to grow out of the roofline, finished with a lantern, an orb and the swan. The stone for the tower was taken from the old churchyard wall, and costs ran well over budget, prompting a national church collection to help fund the work.
The altarpiece, a carved relief depicting the Last Supper attributed to the sculptor Burchardt Precht, has a striking history: it originally formed the lower section of a larger altarpiece in the Royal Chapel at Tre Kronor Castle in Stockholm. Rescued from the great fire of 1697, it was later given to Svanshals church by Queen Ulrika Eleonora, reputedly through the intercession of the baroness Hedvig Margareta von der Pahlen, one of the queen's ladies-in-waiting. The church also holds a set of communion vessels bearing the queen's crowned monogram, said to have been a gift from her in 1728, and a copy of Thorvaldsen's statue of Christ installed in 1918.
Other notable furnishings include a 17th-century pulpit donated by Rehnberg and his wife, a font attributed to the workshop of stonemason Michael Hacke of Skänninge, and a church chest with fittings thought to date from the 15th century or earlier, once used to store communion silver. A marble memorial to the Rehnberg family stands in the church, beneath which lies a burial vault. The church's organ has a long and complicated history of rebuilding and alteration stretching back to the 17th century, reflecting the building's continuous use over many centuries.