The village area was first settled around 1791 and began to flourish after the arrival of the Whitney family around 1800.
The village of Whitney Point (originally called "Whitney's Point") was incorporated in 1871. A catastrophic fire almost destroyed the village in 1897. After serious flooding in 1935 and 1936, work began on a dam north of the village on the Otselic River. It was completed in 1942 and — after decisions were later made to impound water on a year-round basis for recreational purposes — formed the Whitney Point Lake (Reservoir).
The village has been the site of the Broome County Fair since 1874.
The Whitney automobile was briefly manufactured in this village around 1902.
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