The town was supposedly so named because it was once the only place for travelers to secure fuel and provisions for many miles in any direction.

The U.S. Post Office at Woodrow (ZIP Code 80757) now serves Last Chance postal addresses.

[4][5] On June 25, 2012, a wildfire that started from sparks caused by a flat tire of a passing motorist on Washington County Road №7 burned much of the town, leaving only a few charred structures standing, including the United Methodist Church.

By the morning of June 26, 2012, the blaze had been stopped, but not before burning 45,000 acres between Last Chance and Woodrow, Colorado - the nearest community.

Firefighters from fire departments in Brush, Hillrose, Snyder, Merino, Fort Morgan, Seibert, Burlington, Stratton, Flagler, Idalia, Joes, Sterling, Akron and Bennett as well as Colorado Department of Transportation Crews battled the blaze through the night, allowing for the lift of the evacuations.