After a period of regrowth, Collierville saw substantial economic expansion in the twentieth and twenty-first centuries and now boasts a high quality of life.

During the First Battle of Collierville on October 11, 1863, Confederate Brigadier General James Chalmers's division of 3,000 men attacked the garrison established at Collierville to protect the Memphis and Charleston Railroad; the garrison was defended by Maj. Gen. William T. Sherman and the Confederates were repulsed.

The railroad remained open to Tuscumbia, Alabama for United States troop movements.

[12] Because of William T. Sherman's participation in the first engagement, his monument in Washington, D.C. lists "Colliersville" as one of his battles.

Collierville was re-incorporated in 1870 under the mayorship of James B. Abington and during the twentieth century grew with help from the cotton, dairy, and manufacturing industries.

[11] On September 23, 2021, thirteen people were shot and two killed including the gunman in a mass shooting at a local Kroger store.

Early Autumn is pleasantly drier and mild, but can remain hot until late October.

Fall foliage becomes especially vibrant after the first frost, typically November, and lasts until early December.

Snowfall is not abundant but does occur during most winters, with an annual average of 5.7 inches (14.4 cm) at the airport.

Spring often begins in late February or early March, following the onset of a sharp warmup.

Average rainfall is slightly higher during the spring months than the rest of the year, but not to any noticeable extent.

Notable employers include regional leaders like FedEx, while local manufacturing facilities, such as Carrier, bring workers to the town.

[31] In higher education, the University of Memphis formerly had a Collierville branch located on Poplar Avenue.