The town was named after Anker Lauritzen, the grandfather of the first postmaster. The Post Office opened April 1, 1917. The first postmaster was Charles Lauritzen, who held the position from 1917 until 1944.

Settlement and building in the area began around 1915, catalyzed by the expansion of the railways which made the surrounding fertile agricultural land viable for large-scale commercial farming. During its active years, Ankerton served as a vital local hub for farmers in the district. Back then, hamlets and grain-buying stops were spaced close together—typically close enough that a horse and wagon could drive a load of grain to town and return home within a single day. At its peak, Ankerton featured:A general store (established in 1915, which served as the social and commercial anchor), Two grain elevators (such as the Imperial and Alberta Pacific companies, where farmers hauled and stored their harvest), A fuel supply facility and housing for local families.

The community was also known for its local spirit, boasting active men's and women's baseball teams and hosting popular regional sports days (traditionally kicking off the season around the May 24 long weekend).

Like many small prairie outposts, Ankerton's demise was driven by the evolution of transportation and agriculture. As roads improved and automobiles and trucks became widespread, farmers were no longer limited to horse-drawn day-trips. They could bypass local whistle-stops to travel to larger nearby towns and cities.

By 1965, both of Ankerton's grain elevators were closed, alongside the post office. Regular mail delivery officially ceased in 1971.