The town's central village, where 1,108 people resided at the 2020 census, is defined as the Troy census-designated place (CDP), and is located along New Hampshire Route 12.

A prominent citizen and friend of Governor John Taylor Gilman, Captain Benjamin Mann of Mason, suggested the name "Troy".

His daughter, Betsy, was married to Samuel Wilson, famous as "Uncle Sam", and at that time a resident of Troy, New York.

The town hall, built in 1813–1814 near the rail-fenced common, was originally the village meetinghouse.

[4] Troy Mills, which started making horse blankets in the mid-19th century, served as the backbone of the town's economy for nearly 100 years.

The giant mill complex on Monadnock Street housed two smaller spin-offs of Troy Mills—Knowlton Nonwovens and Cosmopolitan Textiles for several years after.

Wooden-ware, pottery and fine building stone were also once the products of Troy industries.

The highest point in town is the south summit of Gap Mountain, at 1,900 feet (580 m) above sea level, near the eastern border.

The summit of Mount Monadnock is 2 miles (3 km) northeast of the town in Jaffrey.

The town of Troy also has two 2015 NH licensed child care facilities with a capacity for up to 75 children.