The area was first known to white settlers as the last stop in Texas before crossing the Red River on the Chisolm Trail.

Nocona assumed the role of economic and industrial center of northern Montague County, and many older towns in the area, bypassed by the railroad, and its businesses shuttered.

The MKT line, which was responsible for Nocona's founding, was abandoned in 1969 and the tracks removed in 1971.

Also integral to the Nocona economy is the Nocona Athletic Goods Company (product names are spelled "Nokona"), which manufactures baseball gloves, bats, catcher's equipment, and other sports accessories.

Nocona is also home to an 18-hole golf course, airstrip (FAA identifier F48), hospital, and one of the finest city parks in Texas.

According to the United States Census Bureau, the city has a total area of 2.8 square miles (7.3 km2), all land.

The climate in this area is characterized by hot, humid summers and generally mild to cool winters.

[5] As of the 2020 United States census, there were 3,002 people, 1,100 households, and 785 families residing in the city.