The city - platted in 1883 by James Baker, Son-in-law of John Paul Formy-Duval who was an early settler there - was at one time larger than Miami due to the phosphate mining industry located in Citrus County. At the beginning of World War I the mining industry shut down in Floral City.

The annual Floral City Heritage Days, is an event which showcases historical architecture, demonstrations of early Florida daily living activities, historical exhibits, country foods, outstanding acoustic music and the overall pride that the residents have of their historic town.