Charles was addressing Commonwealth Heads of the Government Meeting in Samoa for the first time as the leader of the nations group.
The monarch urged foreign heads to find a way to "right inequalities that endure".
Ministers have defied calls by some Commonwealth leaders to hold a "meaningful conversation" about whether the UK should pay reparations for its role in the slave trade.
In his first speech to the biannual congregation of leaders since becoming Head of the Commonwealth, the King said: "I understand, from listening to people across the Commonwealth, how the most painful aspects of our past continue to resonate.
"It is vital, therefore, that we understand our history to guide us to make the right choices in the future."
Charles, who did not directly address slavery, added: "None of us can change the past. But we can commit, with all our hearts, to learning its lessons and to finding creative ways to right inequalities that endure."
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