In medieval times Ray formed part of the modern townland of Porturlan, together with other subdivisions called Killcroghan and Alico. The 1609 Baronial Map depicts the townland as Kilcrooghan. The 1652 Commonwealth Survey spells the name as Rahy. The 1665 Down Survey map depicts it as Roght. William Petty's 1685 map depicts it as Roght. Ray's history up to the Cromwellian Act for the Settlement of Ireland 1652 is described under Porturlan. The 1652 Commonwealth Survey lists the proprietor as William Chambers. In the Hearth Money Rolls compiled on 29 September 1663 there were two people paying the Hearth Tax in Raye- William Chambers and Hugh McBrine. A grant dated 30 January 1668 was made from King Charles II of England to William Chambers for 33 acres in Ray alias Rath. A grant dated 7 July 1669 was made from King Charles II of England to John, Lord Viscount Massareene, for, inter alia, 35 acres profitable and 56 acres and 37 perches unprofitable in Alico. In the Templeport Poll Book of 1761 there were only four people registered to vote in Ray in the 1761 Irish general election - Thomas Chambers, WilliamFinlay, John Johnston and Brochwell Lawrence. Only Chambers and Finlay lived in Ray whereas Johnston and Lawrence lived in Ballymagirril and Killynaher in Drumlane parish respectively but owned freeholds in Ray. They were all entitled to two votes each. Johnston voted for Lord Newtownbutler and for Charles Coote, 1st Earl of Bellomont, who were both elected Member of Parliament for Cavan County. The other three voted for Coote and for George Montgomery of Ballyconnell, who lost the election. Absence from the poll book either meant a resident did not vote or more likely was not a freeholder entitled to vote, which would mean most of the inhabitants of Ray. The Tithe Applotment Books for 1827 list nine tithepayers in the townland. In 1833 three people in Ray were registered as a keeper of weapons- William Bennett, Charles Bennett and Robert Eamo. The Ray Valuation Office Field books are available for 1839-1840. A rental of the tenants on the Thornton estate in Ray dated 1843 is held in The County Cavan Archives Griffith's Valuation of 1857 lists five landholders in the townland. On 5 July 1870 Ray townland was listed for sale as part of the Beresford Estate.
The chief structures of historical interest in the townland are:
An earthen ringfort.
A limekiln
A footbridge over the stream
A flanged bronze axehead found on the surface of a field during digging
According to the story The Floating Stone of Inch Island, a cursing stone connected to the birth of Saint Máedóc of Ferns or Mogue was buried in Ray townland in the 1880s and is probably still there.