Peterson was founded when the railroad was built in 1912 and was named after the first shopkeeper in the town. Most of the settlers were eastern European, specifically Ukrainian, and as with most early settlers of Saskatchewan, nearly all of the residents were farmers, though several blacksmiths lived in the town. Peterson had two churches, Holy Eucharist Church (Ukrainian Greek orthodox, built in 1927, pictured) and St Agnes Parish (Ukrainian Catholic, built in 1924, not pictured, still active today). It had a school which closed in 1970 and began the downturn of the town’s population; Peterson had reached its peak in the early 60s. In 2008, it had a population of 15.