During the brief initial oil boom of the 1880s it was purportedly the wealthiest locale, per capita, in the United States.

By the early 1900s the initial boom, with its economic and population impacts, had significantly faded, but secondary oil recovery techniques applied to the oil fields (starting around 1920) drastically rejuvenated the industry in the area.

The village and town of Bolivar adopted the description "Land of the Deer and the Derrick" in the mid-1900s.

[4] According to the United States Census Bureau, the village has a total area of 0.81 square miles (2.1 km2), all land.

Bolivar was served (1881–1947) by the Pittsburg, Shawmut & Northern Railroad (PS&N) and predecessors (1881–1893), by the Bradford, Eldred & Cuba Railroad System (BE&C), and (1903–1926) by the Olean, Bradford & Salamanca Railway (OB&S) and predecessors.

Bob Torrey, an NFL running back who played college football for Penn State, and for the Giants, Dolphins and Eagles, graduated from Bolivar High School in 1974.

Richard Dougherty, Bolivar Class of 1938, served as press secretary for Democratic presidential nominee George McGovern during his 1972 campaign.

Dougherty went on to serve as the public relations director for the Metropolitan Museum of Art in New York.