Yale is a city in Payne County, Oklahoma, United States. The population was 1,227 at the 2010 census, a decline of 8.6 percent from 1,342 at the 2000 census.
Yale's founding in 1895 is attributed to a local farmer, Sterling F. Underwood, who established a post office by that name in his general store, about 1.5 miles (2.4 km) east of the present town. When the Eastern Oklahoma Railway built its line across Payne County, a group led by George W. Canfield began a different townsite also within Eagle Township that would be closer to the railroad, at its planned junction with the Missouri–Kansas–Texas Railroad. Underwood moved his store to the new site in 1902, making the new site the permanent location for the town of Yale. A 1907 map shows the town contained 230 acres surrounding the railroad junction, and to its east southeast the Underwood farm of 158 acres. By 1910, Yale had a population of 685, supported mostly by agricultural services and cotton processing.
On September 23, 1913, an oil well on the Randle farm produced a gusher. An even larger gusher began producing a month later. More discoveries followed. By the end of 1914, the combined Yale and Cushing fields were producing 220,000 barrels a day. The town boomed, attaining a population of 2,601 by the census of 1920.
The oil boom quickly deflated.