Eagletown was laid out in 1848. It took its name from the Little Eagle Creek. A post office was established at Eagletown in 1849, and remained in operation until it was discontinued in 1925.
The largest architectural feature of the town is Eagletown Estates, a 38-lot mobile home park. Lawyer and congressional candidate Nels Ackerson was born in Eagletown, and in 2006 with his sister Karen Ackerson Jamesen announced plans for "...a 1900s-themed, master-planned community with a mix of 1,125 houses, townhouses, condos and apartments and up to 1.5 million square feet of retailing, restaurants, office and business buildings..." on their former family farm.