Easterly developed in the 1870s under the name Acorn. Settlers moved from old Lake Station to escape the frequent fever epidemics that plagued that locale on Duck Creek. The first post office in Acorn opened in 1881 with Dan Easterly, Sr., as its postmaster; it operated until 1891. When the International-Great Northern Railroad established a small depot in the community, local residents decided to change the town's name to Easterly, for twin brothers Dan J. and John Easterly. The new post office opened in 1894, and its postmaster was Dan J. Easterly. The community grew slowly. A school was built on Jim Davlin's farm, and he was the first teacher there. Eventually the local school district was consolidated with that of Franklin. Several businesses opened, and the Baptists had established a church in Easterly by 1890. The community's population was reported as 700 in 1914. After World War I the community declined; by 1930 it had a population of 250 and seven businesses. In the 1960s its population was 200, and in 1990 the town had a population of sixty-one and two businesses. The population remained the same in 2000. Source: Handbook of Texas Online.
On January 2, 1921, a fire destroyed the post office and four businesses in Easterly.