Phelps is an eastern Pike county town on Peter Creek at KY 194 and KY 632 about 20 miles east of Pikeville. The area was settled in the early nineteenth century by the Wolford family. Phelps was probably incorporated in the nineteenth century, but was dissolved in 1980. A Peter or Peter Creek post office operated in the vicinity from 1878 to 1883, Wolford post office operated from 1886 to 1888, and the Phelps post office opened in 1889. The population in 2010 was 893.