The original Rankins Springs village was located approximately 10 kilometres north-west from the present village, and all that marks this site is the remains of a grand hotel in the middle of a valley. It was established in 1869 around the springs after which it was named at the foot of the Conapaira Range. The springs were closed in 1957 but you can ask for directions to the site at the garage or general store in town. However the springs are located underground and only ever appear in very wet weather. The village moved to its present site following the construction of the railway in 1923.
John Oxley was the first white man to visit the Rankins Springs area during his exploration in 1817. To the west of the village, on the highway, a monument to Oxley is incorporated into the rest area.