Fiske emerged as a rural settlement in west-central Saskatchewan during the early 20th century, driven by the province's homesteading boom and the expansion of railway networks that opened up the prairies for agriculture. The hamlet's founding is closely associated with the arrival of the Canadian Northern Railway, which constructed branch lines through the region in the opening years of the decade, spurring land claims and community growth by improving access to markets and supplies. This railway development was instrumental in transforming scattered homesteads into a cohesive settlement within the Pleasant Valley Rural Municipality No. 288.

Homesteaders and immigrants played a central role in Fiske's initial community formation, with many arriving to claim quarter-sections of land under the Dominion Lands Act. Among the early pioneers were families of African descent, such as the LaFayettes, who immigrated from the United States around 1905–1910 seeking economic opportunities and freedom from discrimination; they settled near Fiske in 1911 and established successful mixed farms using horse-drawn equipment to break and cultivate the land. These settlers contributed to the social fabric of the area, integrating into local institutions and demonstrating the diverse origins of Saskatchewan's pioneer population. The Pleasant Valley Rural Municipality No. 288 was formally incorporated on December 11, 1911, providing a governance structure that supported early infrastructure and land management for these newcomers.

A pivotal marker of Fiske's establishment was the opening of its post office on August 1, 1910, in the Kindersley electoral district, which served as a vital hub for mail, news, and social connections in the isolated rural setting. The post office, named after a financial backer of the Canadian Northern Railway, operated for over five decades and symbolized the hamlet's transition from transient homesteading to a stable community. Early infrastructure also included grain elevators essential for agricultural processing; the first such facility in Fiske was constructed by the Saskatchewan Wheat Pool in 1925, enabling local farmers to store and ship wheat efficiently amid the cooperative movement's rise in the province.

During the Great Depression of the 1930s, farming communities in Saskatchewan, including the rural area around Fiske, endured profound economic and environmental hardships. Prolonged drought, known as the "Dirty Thirties," combined with grasshopper infestations and dust storms, devastated crops and led to widespread destitution, with two-thirds of the province's population depending on government relief for survival. Low wheat prices and high transportation costs further crippled local farmers, forcing many to improvise with limited resources, such as constructing homemade dairy equipment from scrap materials to process milk on-site rather than shipping it unprofitably.

In response to the Depression, Prime Minister R.B. Bennett introduced the New Deal in 1935, which included proposals for unemployment insurance, minimum wage laws, and agricultural relief measures like the Prairie Farm Rehabilitation Act. However, many of these initiatives faced legal challenges and limited immediate impact. The onset of World War II in 1939 marked the beginning of recovery for Saskatchewan's agricultural sector, as wartime demand for grain and labor revitalized rural economies and reduced unemployment. This period saw the implementation of key social reforms, including the Unemployment Insurance Act of 1940 under Prime Minister William Lyon Mackenzie King, which built on earlier efforts and laid the foundation for modern social safety nets. These changes supported post-war expansion in farming communities like Fiske through improved infrastructure and market access. By the mid-20th century, local growth included the development of essential facilities such as a water tower and community hall to serve the expanding population. Fiske holds significance in Mennonite history, as immigrants fleeing the Soviet Union settled in the nearby Herschel area during the winter of 1924–1925, leading to the formation of the Fiske Mennonite Church. Initially part of the Ebenfeld Mennonite congregation, the church became independent in 1973 and continues to serve a small membership, maintaining ties to Mennonite Church Saskatchewan.[5] Fiske formally transitioned to organized hamlet status within Pleasant Valley Rural Municipality No. 288, enabling structured local governance and services; its boundaries were adjusted in 2022 to incorporate additional territory. A notable event in the hamlet's later history was the closure of its Saskatchewan Wheat Pool grain elevator in 2001, part of broader industry rationalization that shuttered 55 facilities across the province to cut costs and adapt to modern grain handling practices. This marked the end of traditional elevator operations in Fiske, reflecting shifts in prairie agriculture from rail-dependent storage to centralized systems.