Fur trading in the 1860s by several forts in Canada and Fort Benton on the Missouri River was responsible for the establishment of a trade route known as the “Whoop-Up Trail” that passed within a few miles of the present town of Conrad.

The town prospered and grew around an agricultural economy until there were 1,500 people living here in 1916. Several years of drought followed and slowed things down for a time. In 1926, the dry spell was broken and in 1927, the discovery of oil started operations in the Pondera Oil Field and stimulated widespread interest in the area. Several producing wells set the stage for the frenzied development of the following years.

Conrad has been the site of a number of industries - a flax mill and a brick-making plant among others - but farming, ranching, oil production, and tourism provide the main stays of its economy.