Pioneers began settling along the Elora Saugeen Road, which forms the main street of Alma, during the 1840s.[3]
Alexander MacCrea and his wife settled here in 1848, and built a store. The "MacCrae's Corners" post office was established in 1854, and MacCrae was postmaster.[4][5]
In 1854, the settlement's name was changed from MacCrae's Corners to "Alma", after the Battle of Alma.[3]
James Ledingham and his family moved to Alma in 1864, and built a saw and chopping mill.[6]
In 1865, St. Andrew's Presbyterian Church was established in Alma. The church moved to a new stone church in Alma in 1892.[3]
After the railway was constructed, Alma became "a bustling service centre for the local settlers and travellers".[5] Alma was noted for having a post office, wagon maker, weaver, telegraph office, shoemaker, grist mill, several saw mills, several stores, three churches, and four hotels. In 1879, the population was 250.[5][9]
Wallace Cummings Park in Alma was constructed in 2003 on 25 ha (62 acres) of donated land. The park features a playground, walking trail, toboggan hill, picnic shelter, community hall, wetland boardwalk, and garden labyrinth.[10]