Lorenzo was organized in 1911 by the C.B. Livestock Company. It was first named San Lorenzo, but because of other post offices so named, had to drop the San. It was named for Lorenzo Dow, who worked for the C.B. Livestock Company. The town section upon which Lorenzo was located formerly was owned by K. Carter, whose home was near where the Santa Fe water tank now stands. K. and George Carter owned and operated a small ranch in the vicinity. They traded their ranch for mercantile interest in Lubbock.