Painesdale was built by the Champion Mining Company between 1899 and 1917, and named after the Boston businessman William A. Paine, who was associated with many mines as well as the Paine Webber brokerage. Painesdale was located near the copper load, and the company designed the town following theories of efficient planning.
In 1993, the town was added to the National Register of Historic Places. The designation applies to the area encompassing Painesdale streets and the Champion Mine.