Unrecognizable from the past, Preston was once a highly prosperous community, thriving mainly from the oil boom as did many of the surrounding communities. Later on, as the oil industry quieted in Preston, it served as a station for restocking trains and running cattle trails, loading water from Frisco lake. Many remnants of the station may be found throughout parts of Preston. Additionally, many old cattle trails and roads, though overgrown, are still distinguishable as such due to the heavy use and traffic.
It currently has one school, three churches, a single gas station, feed store, a heating and air company as well as a fire protection business.
Today, many of its occupants enjoy life there, but typically work elsewhere in the county.