There have been several roads designated FM 865.
- The original FM 865 was created in 1948 in Schleicher County, but the route was quickly cancelled in favor of Ranch to Market Road 33, which is itself cancelled.
- The second FM 865 was designated in 1951 as a route from Ozona in Crockett County to an oil field west of town. The road was later connected to Ranch to Market Road 33 (the original FM 865), but the road was re-designated in 1959 as Ranch to Market Road 865 which was re-designated as a section of State Highway 137.
- The third FM 865 was designated in 1984 in its current configuration; the new road was transferred from FM 518 as that road was designated in a new direction. In 1995 the state once again officially cancelled FM 865 in favor of Urban Road 865, but as with all other urban roads, the usage is only used by the state of Texas.