According to Samuel T. Worcester's history which was commissioned by the town selectmen in 1878, the town was incorporated in the province of New Hampshire on April 3, 1746, "to have continence forever by the name of Holles..."

Worcester argues that, at the time of the charter, Governor Benning Wentworth was indebted to Thomas Pelham-Holles, 1st Duke of Newcastle for his appointment as governor. According to Worcester, it was "very much the custom with Gov. Wentworth" to name towns in honor of his friends and patrons. Thus in the same year, the towns of Pelham and Holles were incorporated, and named after the duke. Worcester cites a Mr. Bancroft who,

Thomas Hollis (1659–1731) was a major benefactor of Harvard College. According to Worcester, about the year 1775, town records started appearing with the town's name spelled as "Hollis", after Thomas Hollis. Both spellings were used until about 1815, after which only the name "Hollis" appears, "...while Holles, the name of the Duke of Newcastle, has passed into merited oblivion."

Captain Peter Powers (1707–1757), his wife Anna Keyes (1708–1798), and their two children Peter (1729–1800) and Stephen (b. 1729) were the first settlers of Hollis in 1731. In 1732, the Powers birthed the first child in Hollis, a daughter, also named Anna. According to Spaulding's history, Powers "became a noted backwoodsman and colonial land surveyor," and eventually accrued approximately 1,500 acres (610 ha) in the north part of Hollis. Powers was also a militia officer in the French and Indian Wars and was commissioned captain by Governor Wentworth.

The younger Peter was the first college graduate from Hollis, matriculating from Harvard in 1754. He served as pastor of churches throughout New England and died at the age of 71 in Deer Island, Maine.

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