The community was established in 1929 after the discovery of oil in Taylor-Link field. The community was named after J.T. Baker, a promoter who had hoped to develop the townsite. A post office opened in the community that same year. Bakersfield grew rapidly and the population was estimated at just over 1,000 in 1930. The period of rapid growth was short lived, however, as oil production and prices declined during the 1930s. Buildings were sold for the lumber or moved off site. By 1945, Bakersfield had an estimated population of 50 residents and two businesses. The number of inhabitants had further declined to around 30, a figure that remained unchanged throughout the later half of the twentieth century.
Public education in the community of Bakersfield is provided by the Iraan-Sheffield Independent School District.