Mildmay began to form as a community in 1867 when Samuel Merner surveyed part of lot 26, Concession C. At that time, the community was called Mernersville, although the post office established in 1868 was known as Mildmay. When the Wellington, Grey and Bruce railway arrived in Bruce County at the end of 1871, its first stop was at Mildmay. Mildmay incorporated as a village in 1918, although its population would have been sufficient for such incorporation in the 1880s.
In 1998, Mildmay joined with the Township of Carrick to form the Township of Mildmay-Carrick. The following year, Mildmay-Carrick amalgamated with Teeswater-Culross to form South Bruce, choosing Teeswater as the seat of the municipality.
Sources: “History of the County of Bruce, Volume 1” by Norman Robertson, “History of the County of Bruce, Volume 2” by Norman McLeod.