Plum Point was originally known as Old Ferolle, but the community's name was changed to Plum Point in 1931 to distinguish it from New Ferolle.

The community's first European inhabitants were Basque fishermen. They use Plum Point as a base for final preparations before their annual return to Europe from their summer fishery. It was later used by the French during the time that France had the French Shores in Newfoundland as a fishing room. In 1884, there were 30 settlers but the area was later abandoned and the next recorded settler was Henry Coombs in 1897. Residents of Plum Point relied on the fishery - mainly cod, lobster and herring for their livelihood.

In 1928, the International Pulp and Paper Company began a pulpwood cutting operation in the area. The population of the town remained small until the 1960's when a number of families from Current Island and St. Genevieve Bay resettled here. These new residents combined with the completion of the highway along the Great Northern Peninsula, Route 430, in 1969 saw Plum Point become a small service centre for the area. These services include; automotive, gas, food and accommodations.

Community and business services Plum Point include a K-12 school, Viking Trail Academy. Health care is provided in Port Saunders at the Rufus Guinchard Health Centre, 110 kms south or Straits of Belle Isle Clinic Flowers Cove Clinic 40 kms north. Regional fire service is based in nearby Bird Cove. Additional community, recreational and business services are found in the communities in the St. Barbe area and south (110 kms) in Hawkes Bay, Port au Choix & Port Saunders.

Visitors to Plum Point and area have access to accommodations and a variety of business services. In addition, tourist can visit aboriginal archeological sites in nearby Bird Cove. There are also hiking trails and an abundance of wildlife and birds to see.