Around 1886, the town of Lipscomb was established by J.H. Arthur who built a store and post office out of cottonwood logs. As more people moved to the area, the need for a school arose and, on July 16, 1887, a special meeting was called to organize a school district and build a schoolhouse in Lipscomb. The first school began in a church purchased by the Lipscomb school trustees in 1888. The building, formerly the Dunkard Church, was a small, one-room school. The school and church both utilized the building until a new two-story, four-room schoolhouse was built in 1908 to accommodate an increase in enrollment.
In 1922, a fire believed to be caused from lightning destroyed the building. The school district trustees immediately began discussions about a new school. J.D. Stevens Construction Company began work on the school in 1922 and classes started in the fall of 1923. While the new brick school was being built, classes were held in the church and in two rooms of the courthouse. The new Lipscomb School included four classrooms, two bathrooms, a library, office and a large auditorium.
The Lipscomb School had full enrollment with a high school and a grade school. Students participated in track, literary events, tennis, basketball and football. The last graduating class was in 1941 with six graduates. Students began to be transported by bus to nearby high schools and the Lipscomb School became a grade school. In 1975, as the population of the area declined, the school closed. The school is a testament to the value of education in this rural, farming community.