The settlement is rumored to have begun after World War I when a doctor moved there. It was called "Bill" by the doctor's wife due to a number of men in the area with that name.
In 1997, Bill consisted of a combined gas station and rural post office serving local ranches. It has since been redeveloped with a hotel and diner for Union Pacific Railroad employees who take mandatory rests in the town. The new development more than doubled the population to 11 people in two years. It has a population of 5 people for every square mile.