The first scheduled train arrived in Iola in July, 1893. Built in 1894, the depot served the community for 64 years, until the rail line was discontinued on Memorial Day, May 30, 1958. Following several years service as an Iola Cooperative feed mill storage building, it came into the possession of the IHS in October, 1979. With restoration of the exterior having been completed in the interim, in 1983/84 a section of track was laid alongside the depot and a former Duluth, Missabe and Iron Range Railroad caboose added to the setting. The Iola & Northern was the village’s business activity focal point through the 1920s, enjoying a resurgence and its greatest business volumes from the late 1930s through 1945 transshipping potatoes.