The Matamoras vicinity was first settled in 1797 by James Riggs and his sons-in-law, Martin and Anthony Sheets, along with their families.

Riggs and his family cleared the land and built three cabins in the area.

[4] Matamoras, named for the Battle of Matamoros in the Mexican–American War, was platted in 1846 by Stinson Burris and Henry Sheets.

[4] In 1861, Matamoras was incorporated and received its first post office that year.

The U.S. Post Office changed the town's name to New Matamoras to avoid confusion with Metamora in Fulton County.

[4][5] Once a boom town for shipping, Matamoras has been supported economically by farming and oil.

35.6% of all households were made up of individuals, and 17.6% had someone living alone who was 65 years of age or older.

32.9% of all households were made up of individuals, and 17.7% had someone living alone who was 65 years of age or older.