Malcolm was platted in 1877. The village was named for Malcolm Showers, the original owner of the town site. In 1880, the village was devastated by a prairie fire which burned from Middle Creek to Elk Creek which was followed by an outbreak of diphtheria which killed many local children. In 1885, Malcolm Showers purchased two lots and built Malcolm's first church and served as its Methodist minister until he was replaced by Reverend D.Y. Black. The Malcolm Messenger, a weekly newspaper featuring a popular gossip column, was established in 1891 and was published until 1934.
Geography
Malcolm is located at . According to the United States Census Bureau, the village has a total area of, all land.
As of the census of 2010, there were 382 people, 143 households, and 106 families living in the village. The population density was. There were 164 housing units at an average density of. The racial makeup of the village was 97.4% White, 1.0% African American, 0.5% Native American, 0.3% from other races, and 0.8% from two or more races. Hispanic or Latino of any race were 0.3% of the population. There were 143 households of which 37.1% had children under the age of 18 living with them, 64.3% were married couplesliving together, 7.0% had a female householder with no husband present, 2.8% had a male householder with no wife present, and 25.9% were non-families. 17.5% of all households were made up of individuals and 8.4% had someone living alone who was 65 years of age or older. The average household size was 2.67 and the average family size was 3.04. The median age in the village was 38.7 years. 26.7% of residents were under the age of 18; 6.8% were between the ages of 18 and 24; 26.4% were from 25 to 44; 32.4% were from 45 to 64; and 7.6% were 65 years of age or older. The gender makeup of the village was 53.1% male and 46.9% female.
2000 census
As of the census of 2000, there were 413 people, 139 households, and 114 families living in the village. The population density was 3,637.4 people per square mile. There were 141 housing units at an average density of 1,241.8 per square mile. The racial makeup of the village was 98.79% White, 0.97% Asian, and 0.24% from two or more races. Hispanic or Latino of any race were 0.48% of the population. There were 139 households out of which 50.4% had children under the age of 18 living with them, 64.0% were married couples living together, 15.1% had a female householder with no husband present, and 17.3% were non-families. 15.1% of all households were made up of individuals and 2.2% had someone living alone who was 65 years of age or older. The average household size was 2.97 and the average family size was 3.25. In the village, the population was spread out with 33.9% under the age of 18, 9.0% from 18 to 24, 31.0% from 25 to 44, 23.2% from 45 to 64, and 2.9% who were 65 years of age or older. The median age was 32 years. For every 100 females, there were 106.5 males. For every 100 females age 18 and over, there were 102.2 males. As of 2000 the median income for a household in the village was $57,188, and the median income for a family was $58,125. Males had a median income of $35,673 versus $28,125 for females. The per capita income for the village was $19,300. About 3.4% of families and 3.0% of the population were below the poverty line, including 3.1% of those under age 18 and 30.8% of those age 65 or over.
