The City of Waverly was founded in 1829 along the Ohio-Erie Canal which ran for more than 300 miles connecting Lake Erie to the Ohio River. Originally called Union, a name claimed by several other Ohio communities, the name of Waverly was sHistorical Markeruggested by an engineer on the Ohio-Erie Canal, Francis Cleveland.

Perhaps Emmitt's most lasting achievement was a successful campaign from 1859 to 1861 to move the Pike County Court house from Piketon to WaEmmitt Houseverly. In later years, railroads destroyed canals in Ohio and the Federal Government taxed the smaller distilleries out of business. Emmitt's influence remains today in several of the town's historic buildings and Emmitt Avenue, the main street.

Waverly achieved city status in 1970, and drew up its charter. Waverly remains a city with 5,284 residents in 2000.

The city currently has three industrial facilities within the corporate limits employing just over 3,000 manufacturing jobs.