Spearman was platted in May 1917 in anticipation of construction of the North Texas and Santa Fe Railway.

The city was named for Thomas E. Spearman, a vice president of the North Texas and Santa Fe Railway.

[5] World War I delayed completion of the railroad from Shattuck, Oklahoma, until October 1919, but Spearman was already thriving; several churches and businesses had moved in from Hansford.

Spearman remained the terminus of the railroad until 1931, when the line was extended to Morse and points south.

Additionally, all alcoholic beverages may now be sold in restaurants that apply for and receive a liquor license.

According to the United States Census Bureau, the city has a total area of 2.1 square miles (5.4 km2), all land.