The village of Minerva began when a surveyor named John Whitacre purchased 125 acres of land from Isaac Craig in 1818 for the construction of a log mill.

The town, named for his niece, Minerva Ann Taylor born April 19, 1828, grew up around the mill.

In its early years the Sandy and Beaver Canal helped drive Minerva's economy, to be replaced in importance by the Pennsylvania Railroad in the 1840s.

Minerva manufacturers Willard and Isaac Pennock patented the United States' first steel railroad car in the nineteenth century.

[6] In 1915, the town's weekly newspaper, The Minerva News, charged one dollar for an annual subscription.

[8] According to the United States Census Bureau, the village has a total area of 2.23 square miles (5.78 km2), all land.

32.3% of all households were made up of individuals, and 16.6% had someone living alone who was 65 years of age or older.

Minerva operates under a chartered council–manager government, where there are four council members elected as a legislature for 4-year terms in addition to a mayor, who serves as an executive.