[7] The town takes its name from its railway station, which in turn is an Aboriginal word meaning ridgy plain.

[4] Europeans settled in the area in the late 1840s, maintaining large pastoral holdings at the northern end of the Burnett Valley.

The original site of the diggings, 30 kilometres (19 mi) north of present-day Monto, has since been flooded by construction of Cania Dam.

[8][19] With dwindling gold reserves, Monto turned its economy towards farming and logging, two of the region's major industries today.

[8] The town was the administrative centre of Monto Shire until its amalgamation in 2008 into the new North Burnett Region local government area.

[1] Monto has a cultural and historical complex with a museum reserve, sporting facilities, swimming pool and golf club.

[22] The North Burnett Regional Council operates a public library in Monto at 50 Newton Street.

Monto has also added to its attractions as being (as of July 2020[update]) the most northerly silo art installation in Australia.

Its "Three Moons" silos depict several stories of the past, including the era of gold mining, cattle mustering and The Dreaming.

[34] In 2006, Monto Minerals floated on the Alternative Investment Market in London, raising approximately A$41 million before expenses.

[35] In 2007 it announced plans to begin commercial production of feldspar, ilmenite, apatite and titanomagnetite from its site at the Goondicum crater, just outside the eastern border of Monto Shire.

[37] The mine was then operated by Belridge Enterprises from September 2012 to June 2013, and Melior Resources from April to July 2015 when production was halted due to low market prices.