Hi Yasaku,
"on" is a preposition with diverse applications -- it can be used to describe LOCATION (The apple is ON the table.), it can be used to describe dependency (The man was ON drugs. / Babies depend ON on their mothers for sustenance. ), an event that is proceeding as planned (The train is ON schedule.), or in relation to a topic / subject being discussed (This book is on American history.)
"About" is also used to refer to a topic or subject being discussed or thought of. In your sentence, you can also write "This is a wonderful book about American history."
It depends on the sentence structure. For example: We say, "We are talking ABOUT you." and not "We are talking ON you." In this case, we talk "about" a person, not talk "on" a person. On the contrary, a writer writes "about/on" a topic.
Hope this helps.
Cheers,
Lance