Franklin was founded in 1825 by Elijah Bullock, among others, and became Franklin in 1828. By 1830, a business district had formed. The collection of essentially original condition structures in the village is quite unusual in suburban Detroit.
An historical marker was erected in 1960 which reads: "FRANKLIN VILLAGE Founded in 1824-1825, Franklin received its present name in 1828. First postmaster was Dr. Ebenezer Raynale, state legislator and physician. The William Huston store, opened in 1830, was the forerunner of a business center that later included the famous Broughton Wagon Shop, the Van Every Mills, now "Ye Olde Cider Mill," several taverns, two distilleries, and two churches. The village also was a station on the Underground Railroad. Franklin still has the appearance and atmosphere of an early Michigan village."
Another marker stands in front of Franklin Village School: "Franklin Village School Michigan's Territorial Council passed a law in 1827 requiring every township with fifty or more inhabitants to establish a school. Thus the following year, the first school in Southfield Township was erected in Franklin Village. Sophie Gotie taught twenty-nine students in a log schoolhouse located near the still extant house of early settler Daniel Broughton. Franklin village built a new school in 1845 at the foot of School Hill on property deeded by Winthrop Worthings. On this site in 1869 a third school was constructed on land given by wealthy postmaster A.A. Rust. After that building burned in 1922, the village erected the present school on this same location. The Franklin School District No. 3, Southfield Township, joined the Birmingham Public Schools in 1945." This building closed as a public school in 1979 and is now the site of The Dar Al-Huda Private Islamic school.
Franklin is known for the Franklin Cider Mill, which actually lies just north of Franklin's borders, in neighboring Bloomfield Township, although it does have a Franklin mailing address.
Franklin's current firehouse was built in 1959. The village only employs one firefighter and a chief. The rest of the force is strictly volunteer. The station is located on the site of the old village community hall, which ironically burned down in 1958.
Franklin was designated as Michigan's first historic district on November 11, 1969.