In 1903, the town moved one mile north to be on the Atchison, Topeka and Santa Fe Railway line between Newkirk and Pauls Valley[5] By 1907, Wanette had a population of 739.

Discovery of the Wanette-Asher oil field aided the economy during the 1930s, but did not prevent a population decline.

The town still has an agricultural base, but by the beginning of the 21st Century had become a bedroom community for people working in Moore, Norman and Oklahoma City.

[5] According to the United States Census Bureau, the town has a total area of 0.4 square miles (1.0 km2), all land.

The main crops are cotton, pecans, oats, corn, alfalfa, and hay.

Discovery of oil in the nearby Wanette-Asher field caused a brief boom during the early 1930s, which declined before 1940.