Plans for a railway into the lucrative farming districts of Formartine & Buchan were first proposed and authorised on 3 July 1846, however the scheme was to remain dormant until a rival scheme was suggested in 1854 by John Duncan (Chairman of the Deeside Railway). The Great North were forced to revive the scheme as a nominally-independant company. Both schemes were submitted to Parliment in 1856 and both were rejected, however on 23 July 1858 the GNSR scheme was authorised.

The Great North's plans for the railway involved a railway from Dyce to Peterhead, with a branch to leave the line at Maud to serve Fraserburgh. Ellon would also have been served by a 2 1/2 mile branch. However, shortly after recieving parlimentary approval the GNSR sought to deviate the mainline through Ellon (avioding the need for a separate branch). The changes were authorised, with the first 29 mile section to Old Deer (later renamed Mintlaw) opening on 18 July 1861, with the remaining 9 miles to Peterhead being completed on 9 August 1865

On 3 May 1965 passenger services were withdrawn from the Maud - Peterhead section of the line, the St Combs branch closing on the same day. The Dyce-Fraserburgh section remained open to passengers until 4 October 1965 when it too succumbed to the infamous "Beeching Axe".

The Formartine & Buchan Railway survived for several years after closure to passenger traffic, with the Maud - Peterhead section closing in 1970. The Dyce - Fraserburgh section remained in use (albeit with a 20mph limit!) until 5 October 1979. Lifting of the track took place soon after and the trackbed was sold to the local Council who initially maintained the trackbed in case sufficient traffic developed to warrent its opening. However, the trackbed has since been converted into a long-distance walk and cycle-path (the Formartine & Buchan Way) and it is unlikely that any portion of the line will be reopened as a railway in the future.