Esperanza was established around 1879 by William Spiller, the owner of a local tobacco farm. The community was named Ada when a railroad was built through the area; the name came from Lester Ada, who operated the town's general store. A post office opened in 1893 under the name Ada; its name was changed to Esperanza in 1899 by Spiller, for the Spanish word for hope. The town had a population of 100 in 1915. The post office closed at some point after 1930, and by the 1940s Esperanza had two churches, two businesses and eight houses. The Texas Historical Commission placed a historical marker at the town in the 1960s.