Exshaw originated in the early 1900s as a company settlement for workers in the mineral extraction and processing industry. Until the late 1960s, the community's recreation facilities included a bowling alley, movie theatre and skating rink.
In order to accommodate the expansion of the adjacent cement plant, most of these facilities were torn down. Since that time, the development of community facilities has been volunteer driven. The Exshaw Community Association (ECA) manages the majority of the current community facilities.