The establishment of Amulet, Saskatchewan, was driven by the expansion of railway infrastructure in the early 20th century, which facilitated agricultural settlement and economic development across the Saskatchewan prairies. The Canadian Pacific Railway (CPR) actively promoted ready-made farms and branch line construction to attract homesteaders, transforming remote areas into viable farming communities by providing critical transport links for grain and supplies.

The post office opene on April 23, 1909, initially known as Kabeyum, was renamed Amulet in 1910, signaling the community's emerging identity amid growing settlement. A one-room schoolhouse (District 2706) was constructed the same year to serve local families, reflecting the influx of pioneer farmers drawn to the fertile lands. The CPR built a standard wooden combination railway station in 1911, which anchored the townsite's formal development and supported the shipment of prairie produce.

Early community life centered on essential services and institutions, including a general store and two grain elevators established around 1910 to handle the burgeoning wheat harvest. The St. Boniface Anglican Church was erected between 1912 and 1914, providing a focal point for spiritual and social gatherings among settlers. The school was later expanded with a second room, underscoring the steady population growth tied to railway-enabled agriculture.

Amulet functioned as an incorporated village until January 1, 1965, when it was dissolved and restructured as an unincorporated community within the Rural Municipality of Norton No. 69. This change aligned with provincial efforts to streamline rural governance amid declining populations in small prairie settlements.

Key infrastructure losses marked the community's post-incorporation trajectory. The Amulet School District No. 2706, operational since 1910, closed in 1961 after serving local students in a one-room schoolhouse. By 1973, essential services further eroded: the post office, established in 1909, shut down on September 21; the general store ceased operations; and the two grain elevators, vital for local agriculture, fell out of use as rail-dependent commerce waned. The railway station was discontinued amid broader network rationalizations by the Canadian Pacific Railway.

St. Boniface Anglican Church, constructed between 1912 and 1914, represented one of the last enduring structures until its relocation in 1990 to the Weyburn Heritage Village for preservation. These developments stemmed from rural depopulation triggered by economic hardships, the shift of rail lines to major centers, and the centralization of services in nearby towns like Weyburn, ultimately transforming Amulet into a ghost town site along Highway 13.