The Harris family were early settlers, and named the town after their former home of Carthage, Tennessee.

The Pearl River, located 2 mi (3.2 km) south of Carthage, was used to ship goods by steamboat to and from Jackson, the state capital .

Although a railroad eventually ran through Carthage, it did not play a significant role in the development of the town.

[4][6] In 1927, Jackson's Daily Clarion Ledger wrote an article entitled "Carthage is a Good Progressive and Enterprising City - Thriving Center of Leake County Holds Modern Benefits".

[7] As early as 1948, Carthage began holding an annual "Tri-Racial Goodwill Festival", in which all citizens were included.

The local newspaper reported that at the 1949 festival, "friendship and goodwill fellowship permeated the air".

[8]: 68 In 1964, a group known as Americans for the Preservation of the White Race initiated a boycott in Carthage against white-owned businesses that were complying with the Civil Rights Act.

Originally owned by Choctaw Maid Farms, the plant was flanked by a large trailer park built in the mid-1990s to house the factory's growing Hispanic migrant workforce, and the Hispanic population of Carthage increased from 1.9 percent to 12.3 percent between 2000 and 2010.

[8][16][17][18] The Square Affair is held annually each May, and features walks, runs, a children's fishing rodeo, an idol competition, vendors, fireworks, and a basketball tournament.

[19] McMillian Park in Carthage has baseball diamonds, tennis courts, soccer field, disc golf course, two playgrounds, and a fishing pond.

Lincoln Park in Carthage has a baseball diamond, basketball court, walking trail, and community center.