The naming of Bow Island brings many stories to the forefront, but the most prominent one is that the communities of Grassy Lake, approximately 25 km (16 mi) to the west, and Bow Island had their respective names mixed up.

Bow Island was one of the first towns in Alberta to have natural gas wells and operated them until the franchise was sold to a private company.

In the early 1950s, irrigation was extended to the Bow Island area, and the town doubled in population.

A completely automated distribution system was installed in 1982 by the St. Mary River Irrigation District (SMRID), and it serves an area of 5,000 acres (20 km2).

A 5.5 metre (18 ft) tall statue of the mascot "Pinto MacBean" is located adjacent to Highway No.

Bow Island is also the largest spearmint-producing region in Canada, with 4 farms in the surrounding area producing 25% of the North American demand for Scotch spearmint essential oil, used in flavouring candy, gum, mints and toothpaste.

This nonprofit, solely volunteer operated Canadian blues society was formed in 1993.