The town originally was named "Newburg", then changed to "Cummington" and finally was platted as Palmyra in 1855.

[4] In November 1902, Clarence Grimett bought a half interest in land and a building at the corner of Main and State streets in Palmyra, where Joseph Waters later joined him in operating a general store.

In about 1905, they built a basement oven, hired a baker, and began selling baked goods.

After they opened a second-floor theater for presentation of plays and touring performers, the entire establishment became known as the Palmyra Opera House.

[5] After a long history as the center of town activity and many years of ownership by Joyce and Rosco Bettis, the Palmyra Opera House was re-opened as a restaurant in November 1999 by Rick Creasy.

Carlinville, the Macoupin county seat, is 16 miles (26 km) to the southeast via local roads.