The society was founded by 34 charter members on May 3, 1933 and incorporated as a non-profit organization on October 2, 1975. The society has been re-incorporated, and a revised and updated set of by-laws was approved by the membership on December 2, 1999.

Early meetings were held in the Red Brick School before it became part of the Carlisle School campus. Throughout the years, the society has worked closely with Gleason Public Library and the town officials to collect and document artifacts from Carlisle's past. In 1975 it undertook the publication of a town history as a special Bicentennial project.