According to the U.S. Census Bureau, the borough has a total area of 0.8 square mile (2.1 km2), all land.

The Seneca people were among the native inhabitants who began establishing settlements, farms, and trails throughout the surrounding valleys and water gaps.

The Moshannon Creek, which flows along Philipsburg and makes up the border between Centre and Clearfield County, derives its name from the Seneca word Mos’hanna’unk, meaning "elk river place".

[4] A small group of Seneca would continue to live in the area up until the Cornplanter Tract was established.

The Cornplanter Tract, was the only native reservation within the state of Pennsylvania, before being destroyed by the construction of the Kinzua Dam.

[5] From 1795 to 1796 Henry Philips purchased a larger tract of land covering parts of Centre, Clearfield, and Cambria County.

He offered plots of land east of the Moshannon Creek to the first twelve settlers.

40.4% of all households were made up of individuals, and 18.7% had someone living alone who was 65 years of age or older.