William Caldwell came to the area and set up a bathhouse near one of the most active mineral hot springs in Wyoming back in 1877. The famous healing powers of the natural mineral waters attracted people from all over the country and even from Europe. Fenimore Chatterton finally named the place "Saratoga" (after an Iroquois word meaning "place of miraculous water in the rock") in 1884. In 1893, Frederick Wolf arrived from Germany and built the historic brick Wolf Hotel, still the centerpiece of Saratoga and still welcoming guests year-round.

For many years the hot springs were only a small part of Saratoga's economy as cattle and sheep ranching, lumber milling and copper mining used to be among the big money makers here. But these days, Saratoga has re-invented itself as a second home for the rich and famous. More modern facilities have been built around the hot springs (such as the Hobo Hot Pool: a natural mineral pool that is available for free, 24 hours a day) and the Saratoga Inn has built a beautiful new golf course. Saratoga is also home to the Shively Airfield, a non-commercial airport with an 8,400' runway capable of landing private jets on.

For many years, Saratoga's largest local employer was a sawmill, owned and operated by one of the large multi-national lumber companies. The sawmill closed in 2003. The National Forest Service and the Carbon County School District #2 are now the 2 largest employers.

Saratoga is justly proud of its western heritage and unspoiled charm. The town is in the center of an incredible sportsman's paradise with blue ribbon trout fishing and world-class big game hunting nearby. The Medicine Bow National Forest and several National Wilderness Areas are close by, too. Built in 1915, the Saratoga National Fish Hatchery is just north of town and offers regular tours. Local folks host art festivals, chili cook-offs, outdoor concerts, rodeos, brew festivals and even chariot races in season. Winter sees an ice fishing derby on Saratoga Lake that attracts anglers from all over.

American Cowboy Magazine recently named Saratoga as one of the Top 20 Best Places to "Live the West."