Goldsboro developed when the railroad pushed through the northwest portion of Coleman County about 1910.  A number of people in the Content area of Runnels County moved to this area to be near the railroad.  Its name is thought to have come from the deposits of gold-colored stones in the nearby hills.

In 1940, 100 people lived in or near the town that had two businesses.  Today about 30 people live near the community of a single post office.