The community of Petersburg sits on the Lincoln?Marshall County line. Once a thriving community, one hundred and sixty-seven structures make up the Petersburg Historic District, which is staged against a backdrop of beautiful rolling farmland. The town center has a square with most buildings dating from the 1880's to the early 1900's, the period following the establishment of the railroad from Lewisburg to Fayetteville. The town, which was once a center for education, focused on Elizabeth College, a coeducational institute of higher learning, and the Morgan School, a private school, which attracted students from the United States and abroad. An alumni reunion for the Morgan School and the Petersburg High School is held on the first Saturday of June each year at the Morgan School Pavilion.

The City of Petersburg is guided by an elected mayor and six aldermen. Utilities are provided by the Petersburg Water Department and the Fayetteville Electric Service. No sewer service is available, but garbage pickup is provided by the City. Cable service is available. Daily operations are conducted through the Petersburg Town Hall, which is located on the square. Two full-time officers and four part-time officers police the city. Fire protection is provided by the Petersburg Volunteer Fire Department and Lincoln County Volunteer Fire Department-Petersburg Station.  A First Responders Unit provides medical care in emergency situations. Children and youth from this area may attend school at Unity, Cornersville, or Fayetteville.