When and how it was forged is not known it was found by the svirfnebli when mining.  They could not touch the blade for it badly burned them when they tried.  So it came to be locked deep in underground chambers in the Svirfnebli city. 
 
    Many years later the Gnomes to a drow prisoner, managed to escape when, after braeking out of his cell he accidentely found the blade.  He fought his way out of the city with the blade for it did not burn him.  He then returned with the blade to Menzoberranzan. This Drow's name was Drac'fel

Drac'fel posessed the blade for a long time through many successful raids.  After 200 years he looked no different and began to believe the blade made him immortal.  Over the next 20 years he slowly became insane claiming the blade spoke to him and told him to take it somewhere.  Eventually Drac'fel left the Underdark with the blade telling any Drow he met that he was taking the blade home.  Drac'fel never returned and the Maelstrom Edge has never been found. 
   Although rumours persist that a halfling theif who snuck into a Black Dragons lair (while the beast was fighting knights) found a blade that matched the description but could not take it because he could not touch it.