Loving is located on Highway 114, twelve miles northeast of Graham, Texas. The area was once part of the Loving family's "Los Valley Ranch."

The Loving-Goodnight trail began at the Neuhaus pens west of Fort Belknap, but Oliver Loving's gathering pens are not far from the location of the current town of Loving. The town was named in memory of Texas cattle rancher, Oliver Loving by his grandson, Oliver Loving.

The original location of Loving was located one mile south of the present site in the northeast corner of the Texas Emigration & Land company's Survey #1949. Young County records show "Old Loving" had Stratton's General store, a gin, drug store, one doctor, a post office, and a school. When the Gulf, Texas & Western Railroad came through the area in 1909, the town moved north for rail access.

The Trinity Townsite Company platted the town with the oversight of B.B. McCain. The town location was from land purchased from W.H. and W.T. Steadham. Newspaper reports indicate the following families in the area: Wheat, Oatman, Norris, Deering, Smith, Shepherd, Sheppard, Long, Dickenson, Harris, Johnson and Drum.

The first school in town was south of the present location of the community built of red brick. The school consolidated with Graham in the 1940s.