As the name implies, the city of Billings was named after Fredrick Billings.

Fredrick Billings was able to gain a fortune as a result of the California gold rush. In 1849, Billings traveled by steamer to Panama, by mule across the isthmus, then again by steamer to San Francisco. Upon arriving in San Francisco, Billings became the first attorney to open an office in the city. John Sutter became one of Billings' first clients. Billings became active in politics and was a leading candidate for Lincoln's 1865 cabinet when the president was assassinated. It was then that Billings decided to follow another of his interests- the transcontinental railroad. He served as president of the Northern Pacific Railroad from 1873 to 1881. In 1881, it was determined that a new town would be started on the Yellowstone River somewhere between the already established town of Coulson and the present day town of Columbus, some 40 miles down the Yellowstone River from Coulson. 30,000 acres of land was purchased for the town from Billings' NP Railroad. Along with Herman Clark, president of the Minnesota and Montana Land and Improvement Company, Billings was to choose the site for the city. The location of the town of Billings was perfect for the company's plan for a rail center and the streets of Billings were laid out parallel to the railroad tracks. The two main streets on either side of the rail lines were named Montana and Minnesota Avenues, after the name of the Land Company.