Morgantown is located 31 miles south of Indianapolis and 10 miles east of Martinsville, the county seat of Morgan County. It is the crossroads of Southeastern Morgan County, located at the junction of State Roads 135 and 252. The town was established in 1831 near the site of a mill, and settled in 1836 by John Vawter, John Fee., Hugh Adams, William Woods, Thomas Hudinburgh, James McNutt, James Blair, Samuel Lawrence, Gabriel Givens, Thomas Lockhart, Thomas Teeters, David D. Waddel, William Boales (guardian for infant heirs of John Boles, deceased), Isabella Teeters and John J. Kelso. At that time there were about 70 people living in Morgantown.Today the town has a population of about 1000 people.

It is generally believed (there's no concrete evidence) that Morgan County was named for General Daniel Morgan, one of the fearless heroes of the Revolutionary War. It is further assumed that Morgantown took its name simply because of the County name.

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The first landmark seen when nearing the town from the northeast is the big blue water tower.

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Morgantown has a government structure of a Town, which in Indiana means that it is governed by a Board of Trustees consisting of three members, and a Clerk Treasurer. All are elected every four years.

The current Board consists of Jimmy Rainwater, Curt Sandefur, and Mark Sichting, and the present Clerk is Lora Ford. The Town Hall is located on Washington Street at Cross Street.

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In the block east of the Town Hall is an unusual tree, with an unusual legend to go with it. It is said that Dr. Reuben Griffitt, a native of Tennessee, moved to Indiana with his family just before the start of the Civil War. He soon enlisted in the Union Army and was captured and sent to Andersonville prison. He saw a ginkgo growing near a small stream which was the prisoners only source of water. He came home and his reputation as an authority on the Andersonville prison came to the attention of the governor of Indiana. In 1908, Griffitt was asked by the governor to return to the prison to identify grave sites and establish a memorial to the soldiers from Indiana who died there during the war. According to legend, the doctor found the ginkgo during this mission and brought it back to Indiana, planting it as a memorial to those soldiers. The tree thrives to this day.

The Second Saturday after Labor Day in September, the town celebrates Colonel Vawter's Day in a bounty of fall colors.

Capping the years' activities is the Candlelight Tour of Homes and Businesses on the Second Sunday in December.