Some homesteaders and other settlers were established in the area before the arrival of the railroads, but the majority of newcomers arrived by rail later. In 1909, the Rural Municipality Monet 257, Saskatchewan was organized. It was named after a local farmer, Fortunat Monet (pronounced Monette). The town was originally called LaBerge after local landowner Albert LaBerge. After the railway arrived in 1913, the countryside quickly filled with people and a meeting was called to discuss a permanent name for the town. Elrose was chosen, although the origin of this name is unclear for certain.
Elrose incorporated as a village in 1914. Schools and grain elevators were built, the town grew as more people arrived, and prairie sod was turned under to sow crops. The newly tilled land was rich, agriculture was profitable, and communities thrived. During the 60s and 70s smaller villages in the area (Hughton, Wartime, Forgan, Greenan) began to decline and their populations migrated to Elrose.
In 1974 the Elrose rink burned to the ground, leading to the construction of the Uniplex Recreation Centre. It houses a skating rink, curling rink, and olympic sized indoor swimming pool. This has become the centre for social activities. The Town of Elrose continues to move forward with the times, and although the glory days of the 60s and 70s have passed, new prosperity appears as the local oilpatch is growing significantly. The agriculture industry is thriving as well, also contributing to the growth in population as of late.