[7] Philip was laid out in 1907 when the Chicago and North Western Railway was extended to that point.

In 1914, Philip was designated seat of the newly formed Haakon County.

Businesses include two grain elevators, a livestock auction, veterinary clinic, and numerous other businesses providing goods and services related to the farms and ranches surrounding the community.

Philip is also home to Scotchman Industries, a manufacturer of metal fabrication machinery (hydraulic ironworkers, circular cold saws, band saws, tube & pipe notchers & measuring systems).

According to the United States Census Bureau, the city has a total area of 0.60 square miles (1.55 km2), all land.

Winters are generally freezing, although warm chinook winds bring temperatures above 50 °F or 10 °C on sixteen afternoons during an average December to February period.

[13] During spring temperatures warm steadily, although 2.7 mornings in May still expect subfreezing minima.

The racial makeup of the city was 95.59% White, 3.16% Native American, 0.23% Asian, and 1.02% from two or more races.

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