The land where the village is now located was purchased in 1805 by Jonathan Melvin.
The area was settled by people from New England.
The village was first incorporated in 1852 and re-incorporated in 1873.
In the years 1874, 1876, 1879, and 1884 the village experienced major destructive fires.
A statue of "Venus arising from the sea" was purchased for $875 in 1913 to mark a public drinking fountain at a natural spring. This statue was one of six and still stands proudly in the center of the village.
Wolcott means "wolf's denn or cottage"