The town was founded by Daniel C. Singletary who opened a grocery store in 1886. Singletary named the settlement after his daughter Mona. The community boasted a post office from 1886 to 1913 when it closed. At this time, Monaville had a school and a cotton gin. In 1941 a total of 75 persons lived in the town. By 1987 the community had a single business and the residents engaged in agricultural pursuits including raising cattle. Between 1990 and 2000 the population remained steady at 180.
Monaville is located 7.3 miles (11.7 km) south of Pine Island on FM 359 at the intersection of FM 1887. FM 359 crosses over Harris Creek a short distance to the north. The next town to the south on FM 359 is Pattison. From Monaville, FM 1887 goes west and then north to Hempstead. FM 1887 does not continue to the east; the highway's eastern extension is Richard Frey Road. The Monaville Cemetery is located to the west at Holik and Kerr Roads.
Monaville is within the Hempstead Independent School District.
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