Settled by Missourians in 1849, Fiddletown was an important supply center for the surrounding mining camps in the 1850's and 1860's. In 1878, the name of the town was changed to Oleta. According to legend, the state legislature change the name at the urging of Judge Purinton, an important citizen who was embarassed to be known as the "man from Fiddletown." In 1932, the original name of Fiddletown was restored.

The town contains a fine collection of old buildings including the Chow Store, Chinese Gambling House, a general store (still in operation), and a forge, all dating from the 1850's. The tall C. Schallhorn building is from 1870. Just outside of town is the I.O.O.F. cemetery.