Asquith became a village In December 1907, and a town Aug 15, 1908. [The Asquith Record] It was named for Herbert H Asquith (Lord Asquith) who was the British Prime Minister at the time of incorporation.
Asquith is located within the physical boundaries of the Rural Municipality of Vanscoy No. 345, but is independent from it. A sign at the entrance to Asquith includes the statement "Center of the British Empire" but the origin of this claim is unknown.