The town was Originally named Tapscot. The name was changed to Acme on January 1, 1910.

The name Acme is derived from the village's railway heritage. When the Canadian Pacific Railway reached the area in 1909, the village's station became the most northernly stop on the company's network. The moniker Acme (of Greek origin, meaning 'the highest point') was thus applied to the community by CPR surveyors of the day. The first train arrived July 7, 1910, and the village was incorporated that day as well.

The Post office opened on August 1, 1905.