First settled in 1881, Fairbank was the closest rail stop to nearby Tombstone, which made it an important location in the development of southeastern Arizona.

At its height in the mid-1880s, the town housed approximately 100 residents, and boasted a steam quartz mill, a general store, a butcher shop, a restaurant, a saloon, a Wells Fargo office, the railroad depot, and a stage coach station.

[1][7] When the Tombstone mines closed after flooding in 1886, Fairbank's prominence declined as the nearby mills shutdown, and the rail depot it offered became increasingly unnecessary.

[9] However, the flooding of the San Pedro River in September 1890 caused significant property damage, thinning down the population further.

[4][13] In March 2007, the BLM restoration of the schoolhouse was completed, and the structure was opened to the public as a museum and information center for Fairbank.