There is anecdotal evidence that the second church building (1852–1883) was one of the final stops in the Underground Railroad.

In 1935, Dutch Schultz had his tax evasion trial moved from Manhattan to Malone.

In 1998, the village suffered a natural disaster as part of the North American Ice Storm of 1998.

[4] In addition to the First Congregational Church and Wilder Homestead, the Horton Gristmill, Anselm Lincoln House, Malone Armory, Malone Freight Depot, Paddock Building, and United States Post Office are listed on the National Register of Historic Places.

The New York Central and Rutland Railroads once had major switching and maintenance yards here.

Products manufactured in Malone included Sno-Pruf waterproofer for boots, woolen winter wear produced by Ballard Mill, and Sioux-Mocs slippers.

Malone became known as the snowmobile capital of the United States when a local farm equipment dealer agreed to become the exclusive distributor for Bombardier Recreational Products east of the Mississippi.

economic controversy to impact the community is the advent of significant wind farms in the region.

], local farmers staged protests against the eminent domain-backed incursion of 765 MW transmission lines that crossed their pastures to bring Saint Lawrence Seaway power through Northern New York to downstate urban users.

Tourism is a major economic contributor, with Titus Mountain 6 miles (10 km) south of the village drawing skiers, and the 36-hole Robert Trent Jones-designed Malone Golf Club drawing golfers from Montreal, Quebec.

Additionally, the Franklin County Jail is near the three state prisons, also in the town, near the village.