[3] The town was named after a major port city in India, now known as Mumbai, by an early landowner whose wife was from Byculla.

Bombay is named for the wife of Michael Hogan, an Irish ship captain who grew wealthy in the East India trade.

[4] Hogan bought 20,000 acres (81 km2) north of the Adirondack Mountains, including the Town of Bombay, which was named in honour of his wife's birthplace.

Their son, William Hogan, served as town supervisor, and was elected to the New York State Assembly in 1822.

In 1829 he was appointed as a judge of the Court of Common Pleas for Franklin County, and in 1830 he was elected to Congress.

The town is in northwestern Franklin County, approximately 5 miles (8 km) south of the Canada–United States border.

New York State Route 37C intersects NY-37 at Hogansburg in the northwestern corner of Bombay and leads south to Helena.