The following in an excerpt of text from The History of Wright County (published, 1915).
Waverly is widely noted for its progressiveness, its advantages of location, and the splendid civic spirit of its citizens. It is an important grain center and a trading point of considerable consequence.
The village was formerly called Waverly Station to distinguish it from Old Waverly, a pioneer village which in the early days flourished about a mile away. Waverly Station was laid out by the railroad company on their land in the southwest quarter of section 33, at about the time that regular trains commenced operating in this locality in 1868. A railroad station was erected that year, and a grain house the next. The first store was opened by T. R. Barrett, who operated it for a few years, and then changed it to a hotel under the name of the Keystone House. The next store was that of George Doerfler, removed from Old Waverly. Thomas Clarke also opened a store. Patrick Fallihee opened a store in the spring of 1870. In 1879 he erected a large two-story building with a hall on the upper floor, and his store at that time became one of the largest and finest then in the county. In 1871, William Quinn & Co. opened a general store, but soon changed it to an agricultural implement supply house. In 1873, J. K. Cullen came from Watertown and opened a general store. John Giblin and others followed. The Waverly House was erected as a dwelling by A. Kommers in 1874 and was sold to H. C. Morneau who enlarged it and established the hotel.
From such beginnings the present village has grown. The business center is constructed largely of brick buildings, the city hall is a large and imposing structure of brick, and the Catholic church, Catholic school and public school standing in a row present a notable group of buildings and add materially to the appearance of the village. The city hall was built in 1893 and the public school house in 1905.
The village is on the Great Northern, thirty-eight miles from Minneapolis. It has the Catholic church mentioned above, a Presbyterian church, two banks, a flour mill, a creamery, a hotel and three grain elevators.
Lights are supplied by the Electric Light & Power Co., of St. Cloud. A public system supplies good water, and the park provides ample breathing space for recreation and sports. St. Mary’s cemetery is a beautiful spot of repose, and well in keeping with the traditions of the church which maintains it. The Commercial Club is doing good work with R. H. Jewett as president and James P. McDonnell as secretary. Ample fire protection is furnished, a well equipped fire department being in charge of Chief Joseph Lyndon.
The people are believers in the “get together” spirit, and the fraternal principle has been well inculcated. Among the lodges represented here may be mentioned the Knights of Columbus, the Catholic Order of Foresters, the Modern Woodmen of America, the Modern Brotherhood of America, the Ancient Order of United Workmen, the Royal Neighbors of America, the D. of H. and others, in addition to the church organizations which are mentioned elsewhere.
Of its school, the people of Waverly are especially proud. It is a brick structure, two stories high, with basement, and is in charge of four teachers. In addition to a complete course, the school teaches manual training and music.
A brief business directory follows: Frank McDonnell, postmaster; J. E. Akilus, meats; Frank Baker, agent; A. Berkner & Son, flour mill; Oscar Bovy, barber; Cargill Elevator Co. (H. E. Learned, agent) ; Citizens’ State Bank (J. Boland, president ; W. H. Boland, cashier) ; Anna B. Cruzen, milliner; Frank Demarais, livery ; George E. Demarais, saloon ; Farmers’ Elevator Co. (Lewis Bremer, president ; Dennis Fitzpatrick, secretary ; William Boland, treasurer) ; T. Fuller, saloon ; A. C. Heifferon, harness ; Hutchinson Produce Co., creamery (Oster) ; Mrs. Rose Lydon, milliner ; J. F. McDonnell, general store ; J. P. McDonnell, publisher Waverly Star and Tribune ; A. B. Morse, insurance agent ; Gust Neuman, saloon ; W. E. Nolan, blacksmith ; Joseph Nuwash, hardware ; Patrick O’Hair, drugs ; J. H. Pususta, garage ; William Quinn, farm implements ; Mrs. C. M. Robasse, confectionary ; Schmidt Brewing Co. (Jacob J. Schmalek, agent) ; J. A. Scott, veterinary surgeon ; Harry Sorsky, clothing ; State Bank of Waverly (J. M. Haven, president ; A. B. Morse, vice-president ; C. D. Michalson, cashier) ; State Elevator Co. (W. W. Scott, agent) ; Joseph Suk, shoe-maker ; W. J. Walsh, drugs ; Waverly Creamery Association (L. W. Bremer, president ; J. C. Nolan, secretary ; Dennis Fitzpatrick, treasurer) ; Waverly Hotel ; Waverly Star and Tribune, James R. McDonnell, publisher ; Wright County Co-operative Co. ( J. A. Dignan, president ; O. J. Peterson, secretary and treasurer ; John Larson, manager), general store ; Wright County Telephone Co. (William Quinn, president ; A. B. Morse, secretary ; G. A. Beckner, treasurer).
Waverly Station was incorporated as a village in 1881. The first officers were: William Quinn, president ; J. K. Cullen, L. V. Kyte and D. W. Flannigan, trustees ; C. H. Cullen, recorder ; C. H. Cullen, justice of the peace ; D. W. Flannigan, constable.
The village was reincorporated as Waverly in 1885. The following notation appears in the county records: “March 16, 1885. A special election called by the trustees of the village of Waverly for the purpose of ascertaining by ballot whether the village of Waverly should continue as the incorporated under a special act of the legislature or become reincorporated under the General Statute of Minnesota, was held on Monday, March 16, 1885. Due notice of said election having been given and the object of said election having been fully set forth in notices, polls opened at 10 a. m. and closed at 4 p. m. Number of votes polled, 41 ; for reincorporation, 41 ; against, none. The village of Waverly was therefore declared reincorporated under the General Statutes of Minnesota and same recorded in the village records. By order of the village council, H. Ch. Morneau, president ; J. K. Cullen, John Giblin, P. E. Barrett, trustees. Attest, George Straub, village recorder.”

The following is an excerpt from waverlymn.org and the 2010 Comprehensive City and Parks Plan

The City of Waverly, as it appears today, is a culmination of people and places which have created a unique Minnesota community with over 140 years of history.
The framework for the City of Waverly began in 1855, when the territorial legislature passed an act organizing Wright County. A survey team was sent out shortly after by the government to plot the new county’s divisions. These surveyors were greeted by established homesteaders who had already begun clearing the land and planting crops. Prior to European settlement, Waverly was predominantly Big Woods which included a mixture of oak, maple, basswood and hickory. Small portions of wet prairie existed on the eastern edge of Waverly Lake and along the western edge of present day CSAH 8.
Impressed with the two lakes (Waverly and Little Waverly), available water power and the proximity of the Crow River one mile north, an entrepreneurial surveyor and his partners constructed a dam, saw mill and grist mill in 1856 at the outlet of Little Waverly Lake. The settlement known as Waverly Mills was beginning to take shape, as approximately three hundred acres were surveyed and platted. Waverly Mills was given its name after a community in Tioga County, New York, the former home of one of the partners. After a rough start with a bank panic, financial crash and subsequent grasshopper infestations, Waverly Mills managed to survive. Its saw and grist milling industry help to establish a store, post office and log church with a cemetery at this location.
The St. Paul and Pacific [later Great Northern Railway and currently Burlington Northern Santa Fe Railway] railroad reached this area of Wright County in 1869. That same year, Waverly Station was formally organized. The community’s early focus at the outlet of Little Waverly Lake transferred to the depot building which was constructed near the present day location of the City of Waverly one mile away. The railroad company platted Waverly Station on their land in the southwest quarter of Section 33. Until incorporation in 1881, the village remained under township jurisdiction and it took approximately ten additional years for complete severance from the township. The community’s name was changed once again in 1899, this time simply to
Waverly.
The prosperity of Waverly in those early days was aided by both railroad traffic and by patronage of the surrounding settlers in Woodland and Marysville Townships. Many of these early farmers hailed from various parts of the United States, French Canada and European countries specifically from Sweden, Ireland, Germany, Prussia, Austria and Switzerland. These pioneers supported Waverly’s many institutions which included a post office, bank, newspapers, city hall, churches, creamery, school, grain elevators, flouring mills, saw mill, insurance agencies, hotels, livery stables, general stores, hardware dealers, furniture shops, lumber companies, bakery, meat markets, millinery shops, saloons and a drugstore to name just a few.
Waverly moved faster and progressed farther in 30 years than some its rival communities. Some claim that Waverly’s businesses and buildings were some of the largest and finest in Wright County at their height of development. One historical account stated that Waverly, “is a pleasant, prosperous village, located on one of the very pleasant lakes; it is quite a summer resort for pleasure seekers….” Records indicate that by 1909, the population of Waverly had expanded to over 1,000 residents.
Since its incorporation in 1869, Waverly has changed both physically and demographically. Like many similar rural communities of greater Minnesota, Waverly has felt the documented socio-economic effects of industrialized agriculture, rural exodus of young residents to regional urban cores and aging population. Waverly hosted some small development in the 1930s and 40s and a small subdivision in the early 1960s. But by 1980, Waverly’s population had decreased to 470 persons. Direct results of this rural trend were merging, consolidating or vanishing institutions and businesses.
Academic researchers have indicated that small communities like Waverly are entering a period of transition and metamorphosis. The grain elevators that once identified Waverly are gone, and new residential housing developments have appeared. The Twin Cities Metropolitan Area that once seemed distant is now only a 40 minute car drive away. No longer does one need to live in the same community they work in, instead they can travel to surrounding larger regional hubs for employment.
From 2000 to 2007, Waverly attracted the attention of residential developers in a flurry. The large influx of new residents during this short time beckoned back to Waverly’s historical boom period prior to 1900. This time however, the growth was primarily housing. Several developments were platted including; Summerfields, Woodland Shores, Spring Meadows, Carrigan Meadows, Carrigan Estates and Windgate at Carrigan Lake. The population has increased by over 60 percent since 2000 to nearly 1,300 on 2010 after many decades of static to no growth. Waverly is now poised for future growth while continuing to maintain its small town appeal.