The first mine in El Triunfo was established by Manuel de Ocio in the late 1700s. Ownership briefly transferred to the Spanish Crown, but the mine remained largely unsuccessful until 1878, when new ownership revitalized it. In 1862, the discovery of silver and gold in the southern Baja California Sur mountains sparked a rush of miners from Mexico and the United States to El Triunfo. Many of these miners had previously taken part in the 1849 California gold rush.

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In 1878, the British El Progreso Mining Company took over the mine, leading to increased success. El Triunfo became the largest city in Baja California Sur, housing over 10,000 miners. The town thrived as a cultural center, where Francisca Mendoza taught and performed. It was the first in the region to have electricity and telephones. Pianos and other instruments were imported from around the world, and a piano museum remains today. When the mines closed in 1926, most residents left in search of work elsewhere. According to the 2010 census, the population was 327.

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El Triunfo is one of the best-preserved 19th and 20th-century mining communities in North America and continues to be an important site for archaeological research. A notable feature is the 47-meter-high smokestack, "La Ramona," constructed in 1890 for the El Progreso Mining Company. Named after Saint Raymond, it was completed on his feast day. Although once believed to be designed by Gustave Eiffel, no conclusive evidence supports this claim. After more than a century, the smokestack was damaged and at risk of collapsing due to earthquakes or hurricanes. In 2018, the International Community Foundation (ICF) and Corredor Histórico CAREM, A.C. collaborated to restore La Ramona for an estimated $200,000.

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In recent years, many original buildings have been restored and repurposed into restaurants, museums, boutiques, and other attractions to boost tourism.