Marshall was established in 1856, after Native Americans roamed the land for centuries. The Osage tribe used the land for hunting and gathering in the 18th century and then sold their claim to the United States government. Nine years later, the government set aside the land as a reservation for the Cherokee Indians.

By the mid-1800's, the Cherokees traveled west and Littleton Baker, J.W. Gray, and Jack Marshall were appointed to select a site for the new county seat of Searcy County. They originally named this location Burrowsville in honor of N.B. Burrow, a local citizen, but 11 years later changed the name to Marshall in honor of the former U.S. Supreme Court Chief Justice John Marshall. The town was eventually incorporated on January 13, 1884.

Marshall played an important role during the War Between the States, becoming a hub of activity for both Confederate and Northern forces after Arkansas seceded from the Union on May 6, 1861. Both Confederate and Union companies organized in the area, participating in the battles of Shiloh, Pea Ridge, Pine Bluff, and Devil's Backbone.

The town worked hard to recover and rebuild in the decades following the war. Marshall established its first school district, constructed the Marshall Academy in 1888, and built a new courthouse in 1889. Agriculture production dominated the economy in Searcy County, with cotton and corn ranking as the primary agricultural products. The community even established the Mountain Wave newspaper in 1890 which continues to inform residents on the latest local and national news.

The town enjoyed great prosperity during these early years. The Marshall Bank was established in 1901 and the town's first telephone system was constructed in 1902. The town's first flour mill came around the turn of the century, quickly followed by its first stave mill in 1909. The community built a new school building known as ``Old Main'' in 1910 and completed the first all-weather road between Marshall and Harriet in 1916.

Although the first few decades of the 20th century were a time of growth for Marshall, the combination of World War I, the Great Depression, and serious flooding led to difficult times for the community's residents. The population began to decline and those living off the land struggled to maintain a decent livelihood. Fortunately, many of Searcy County's residents joined the Civilian Conservation Corps, CCC, and the National Youth Administration, NYA, where they could earn a decent wage. One of the NYA's projects was to construct a gymnasium in Marshall in 1936.

Marshall and its surrounding communities pulled together during these challenging times, emerging stronger than before. Families in Marshall made victory gardens during WWII, saved tin cans for reprocessing, and even purchased war bonds. Farmers also began to clear land for cattle production and timber harvesting. These two industries now contribute heavily to Marshall's local economy.

Marshall has always been a town of citizens who pull together during tough times to improve its schools, help businesses grow, and attract new development to the region. The town now boasts a population of 1,313 citizens and is home to the Ozark National Forest and the Buffalo National River. Known for its beauty, tourists visit the mountainous region year-round to participate in a variety of popular recreational activities.