Elverson's earliest European settlers arrived in the late 18th century when the area was known as Springfield.

The Borough of Elverson was officially incorporated on April 17, 1911, from land annexed from West Nantmeal Township, and it remained the commercial center of northwestern Chester County through the first half of the 20th century.

In 1953, the borough annexed additional land, resulting in its current size of about one square mile.

Elverson's building styles follow the periods of its commercial growth and range from early 19th century stone or log buildings to post-railroad Queen Anne structures and 20th century craftsman and Foursquare-style houses.

Commercial and residential development since the 1950s has occurred largely on the outskirts of the borough's historic center.

According to the United States Census Bureau, the borough has a total area of 1.0 square mile (2.6 km2), all land.

Pennsylvania Route 23 follows an east-west alignment through the heart of the borough along Main Street.

Finally, Pennsylvania Route 401 follows Conestoga Road along an east-west alignment across the southern edge of the borough.