Smithfield was the original name given to the town when it was founded at the turn of the 18th century by Ralph Smith. German settlers began to arrive in Smithfield over the next few decades, and in 1758 the name changed to New Germantown. It remained New Germantown until 1918 at the end of World War I, when world affairs warranted a name change and Oldwick (meaning Old Village) was adopted.
Throughout the 18th and 19th centuries, area farms thrived on wheat and corn crops. These farms eventually evolved into present-day horse and dairy establishments. The country atmosphere in Oldwick is still evident, with old Victorian homes and shops lining the main street. Local ordinances have been instituted to preserve this bit of history for generations to come.