Historically, the settlement was called "Wool Market",[2][3] though presently, the one-word "Woolmarket" has been adopted, as can be observed at "Woolmarket Elementary School", and in official documents published by Harrison County government.[4][5]
A post office operated under the name Wool Market from 1889 to 1911 and under the name Woolmarket Rural Station from 1969 to 1982.[6]