Mayfield was part of the Mayfield Patent of 1770. The town was established in 1793 from the old "Town of Caughnawaga" (now defunct) in Montgomery County before the formation of Fulton County. It was one of the first three such towns formed. Part of Mayfield was taken in 1805 to form the town of Wells (now in Hamilton County). An additional part of Mayfield was added to Wells in 1812. Mayfield was reduced once again in 1842 to form the town Perth. The early economy was based on lumber and leather production. The Oliver Rice House located at Old NY 30 (east side) was listed on the National Register of Historic Places in 1995.