The first lots were sold in January and February 1915 by Walter Eaton and Ed Dunn.

The First State Bank opened and the newspaper, the Oilton Gusher, began publication in 1915.

In the same year, the Oil Belt Terminal Railway connected Oilton to Jennings, while the Oil Fields and Santa Fe Railway, an Atchison, Topeka and Santa Fe Railway subsidiary, bought the Oil Belt and additionally connected the town to Cushing and Drumright.

[6] Despite a rapid drop in petroleum production in the Cushing-Drumright field throughout the 1920s and 1930s, Oilton survived when a number of other oilboom towns did not.

It is on the south side of the Cimarron River near the head of the inundation limit of Keystone Lake.

According to the United States Census Bureau, Oilton has a total area of 1.0 square mile (2.7 km2), all land.

About 91 percent of the employed Oilton residents commute to jobs in Bristow, Sapulpa and Sand Springs.