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The story of Cochrane began in 1881 when Senator Matthew Henry Cochrane established Cochrane Ranch. The Canadian Pacific Railway granted the town site in 1885, naming it in honour of Senator Cochrane. Despite the surrounding ranch population, few people called Cochrane home at this time. It wasn’t until 1903 that the hamlet of Cochrane became a village, with a population of 158 in 1906. Shortly after, Cochrane saw a small population boom, with 395 residents by 1911. At this time, before the First World War, Cochrane was home to a stone quarry, a sawmill and four brick plants. Following the First World War, Cochrane’s growth slowed due to economic issues and a shortage of workers. However, Cochrane remained a stable but small village until after World War II. By 1971 the population grew to over 800 people, and Cochrane was incorporated as a town.

Today, Cochrane is known for its western heritage, unique buildings and popular main street. In 2003, the Town celebrated its centennial with a completed downtown revitalization, helping make Cochrane a popular tourist attraction.