[4] In 1902, Ed M. White established a store at the site of the present community, and moved the post office 5 miles (8 km) southwest into Hale County.

Although the townsite was platted in 1909, its population remained below 100 until the Fort Worth and Denver Railway was built through town in 1928.

Wheat and grain sorghum (milo) were the main crops in the area until cotton was first planted in 1905.

Petersburg is located on the High Plains of the Llano Estacado at 33°52′10″N 101°35′51″W / 33.86944°N 101.59750°W / 33.86944; -101.59750 (33.8695249, –101.5973877),[1] in southeastern Hale County.

According to the United States Census Bureau, the city has a total area of 0.81 sq mi (2.1 km2), all of it land.

[5] As of the 2020 United States census, there were 1,014 people, 397 households, and 272 families residing in the city.