The community was established about 1800, known at the time as Tanner's Station. The Bullittsburg Baptist Church was founded outside the former hamlets of Utzinger and Gainesville/Idewild, east and north of Petersburg, in 1794.
One may often incorrectly hear that Petersburg, in 1791, was one among several locations considered as a site for the new Kentucky State Capital. This is true, however it is misleading. The Petersburg once considered, was a location that no longer exists in Woodford County, Kentucky.
Charles Clinton Fleek, recipient of the Medal of Honor for service in the Vietnam War. "Chalky", as he was known, attended the 5 classroom, Petersburg Elementary School which has since been demolished/converted into a local community center and branch of the Boone County Public Library.