Powell was established around 1872 by the Powell family, evidently anticipating railroad expansion into the area, with a post office following in the 1880s. Unlike the other nine communities in this directory, Powell has never been incorporated — it remains an unincorporated place within Jefferson County.

Because Powell is unincorporated, no separate, reliable current population figure exists for it. Its ZIP code is 68352, shared with Fairbury, since Powell is served by the Fairbury post office rather than its own. Despite its size, Powell has one listing on the National Register of Historic Places, the District No. 10 School, a historic one-room schoolhouse. The surrounding area is entirely agricultural.