Its early history is closely tied to the nearby settlement of Georgetown, which was established by George Deeds in 1833.

[5] Many of Georgetown's residents relocated to the site of Granville by floating their homes down the Mississinewa River.

The first house in Georgetown was built in 1833 by Price Thomas, who hewed its logs at that location before the move to Granville.

[8] Another nearby settlement, Georgeville, existed in the early 1830s in Niles Township, about a mile up the Mississinewa River from Granville.

Over time, Granville lost many of its institutions, including its hotel, retail stores, physician's office, Masonic Lodge, blacksmith shop, and sawmill.