In 1871, a party of Seventh Day Baptists from Wisconsin explored Valley County for settlement sites.

[6] In 1880, the Union Pacific Railroad completed a branch line from Grand Island to St. Paul, shortening the distance from the Valley County settlements to rail transport.

In the following year, North Loup and Ord voted to issue $9,000 worth of bonds to help subsidize the railroad's extension through the two towns.

The boom ended in 1886, when the railway line was finally completed to the county seat of Ord.

[5][8] From about 1877 to 1890, the Loup valley enjoyed a series of wet years that attracted a wave of settlers, who homesteaded even marginal agricultural land.

During this time, the valley's farmers experimented with alternative crops, among them winter wheat and alfalfa.

After World War II, the population declined; in 1959, the village was no longer able to support its own school district, which was merged with that of Scotia, in neighboring Greeley County.

[5] On June 12, 2010, the privately owned Bredthauer Dam, located 4.5 miles (7.2 km) upstream from North Loup on Mira Creek, broke due to heavy rain, flooding rural Valley County.

[11][12] Major flooding occurred in North Loup, with water "eight inches deep and running down Main Street.

According to the United States Census Bureau, the village has a total area of 0.41 square miles (1.06 km2), all land.