The community was named in honor of W. D. Albright (1881–1946), a major figure in Western Canadian agriculture who established the Beaverlodge Dominion Experimental Farm in 1917 to test crop varieties suitable for Northern Alberta. Before adopting its current name, the settlement grew around a post office established in 1929 inside the local general store. The post office was originally named Hommy after a pioneer settler in the district, before being officially renamed Albright in 1931.

Albright developed primarily as a rail siding and service point along the Northern Alberta Railways (NAR).

In 1919, local residents built the one-room Gimle School just west of the railway. In addition to classes, it hosted the Gimle Lutheran Church and served as an early community center.

The Albright Store opened across from the railway station. In 1929, the Albright Community Hall was constructed adjacent to the store, becoming the main venue for social gatherings, local ballgames, and active groups like the Literary Society and Ladies Aid. Grain Handling: An Alberta Pacific Grain wooden elevator and railway station made Albright an essential stop for regional grain shipments.

Like many small Prairie rail sidings, consolidated transportation and regional centralization led to quiet shifts in the mid-20th century. The Gimle School, general store, and local post office closed their doors, and in the 1970s The railway station ceased operations.