An old variant name of the community was called Rye.[2] The origin of the name Toto is obscure, but it could possibly be of Native American origin.[3]
A post office was established at Toto in 1855, and remained in operation until it was discontinued in 1907.[4]
Toto has a local reputation for an abundance of curio stores, giving it the moniker "Indiana's Bargain Capital".[5]
Toto has also been recognized for being the inspiration for the name of Dorothy's dog, Toto, in the Wizard of Oz books by L. Frank Baum, who resided for a time at nearby Bass Lake.[6]