SR 771 was designated on a SR 138–Leesburg route around 1937 on a gravel road. However, it did not end in downtown Leesburg as it does today; US 62 was routed through the town therefore SR 771 ended at US 62 where County Route 60 intersects the route today. By 1941, the entire route was paved. Between 1969 and 1971, US 62 was rerouted on a bypass around the village which lead to the extension of SR 771 into downtown Leesburg. Since then, no major changes have affected the highway.