The town of Maloy was platted in 1887. The coming of the railroad inspired this. Some of the first businesses in Maloy were a tavern, general store, hardware, lumberyard, livery stable, hotel, a dray service, and a blacksmith shop. As the needs of the people changed, so did the variety of businesses.
In 1901, a petition was circulated seeking the incorporation of the town of Maloy. After the incorporation, the town grew rapidly and probably enjoyed its greatest activity and prosperity during the next few years.
Maloy is home to the Lee Shay Farmhouse. This home is on the National Register of Historic Places. Bob and Kathi Shay currently own this home. It is located 2 miles northeast of Maloy in Benton Township.