The Union Town Company created the town of Waldo on October 1, 1888. This is because they got 280 acres of land on a line of the Union Pacific Railroad. The community grew, having about 300 people by 1915. A small business community, including a bank, stores, and three grain elevators, developed during the 1900s. The town was an agricultural shipping and receiving point for the area around it. Waldo incorporated as a city in May 1911.