The schooner-barge Advance was built in 1871 by Master Shipbuilder Captain Alvin A. Turner in his shipyard in Trenton, Michigan. The construction of the vessel was commissioned by Thomas A. Bufe, to transport lumber for the Peshtigo Company of Peshtigo, Wisconsin. The Turner shipyard built the steambarge Peshtigo for the Peshtigo Company in 1869, alongside four other schooner-barges. By the beginning pf 1871, the Peshtigo Lumber Company owned extensive property in Peshtigo, including sawmills, boarding houses, 18 logging camps, a dry-goods store, a steam mill, a woodenware factory, three old barges, and three new schooner-barges built by Turner. Everything changed drastically on October 8, 1871, when the Great Peshtigo Fire destroyed the town and surrounding area, with casualties of over 1,000. The Peshtigo Company lost all of its property in the fire; however, the company was able to rebuild its infrastructure and construct two new vessels within a few short years.

The Advance was enrolled at the port of Chicago on May 13, 1871, with a carrying capacity of 366.93 tons. It was described as a schooner with a plain head and square stern, one deck, and two masts. Although constructed with masts, the Advance was built to be towed in consort. The ship's first trip brought lumber from Peshtigo to Chicago, and it would continue making these trips regularly throughout the 1870s, arriving with approximately 360,000 board feet of lumber each trip. On April 17, 1874, the Advance's enrollment document was surrendered in Chicago for a change of ownership. The Peshtigo Lumber Company incorporated under the laws of the state of Wisconsin, with a new president, William E. Strong. The incorporation allowed the company to maintain ownership of the vessel, instead of having to list it under the name of the company's president.

Scattered reports of the schooner-barge Advance were recorded in the 1880s, aside from recaulking and installation of a new centerboard trunk. At the start of the 1893 season, Isaac Stephenson, Vice President of the Peshtigo Lumber Company, and William A. Ellis, Superintendent and General Manager, purchased the company's fleet of vessels to establish the Stephenson Transportation Company. The Advance was individually valued at $5,000 and the vessel's enrollment document was surrendered due to change of ownership on March 17, 1893. It continued to be towed in consort for the lumber industry. Briefly, in 1895, the Advance underwent another change of ownership and was towed to various ports on Lakes Huron and Erie. However, it was shortly returned to the service of the Stephenson Transportation Company.

The 1899 season brought about accidents for the Advance. On May 20, the Advance was in tow behind the tug I.N. Foster when the tug broke its crank pin. Advance and the other consort, Alert, were cut loose eight miles north of Sheboygan and continued to sail north. In early July, the towline between the Advance and the tug Rita McDonald became tangled in the tug's propeller, crippling the vessel. Damage to the Advance was minimal, and the vessel was placed back in service the same afternoon. In June of 1903, the Advance filled with water and sank at the north end of the Leathem & Smith dock in Sturgeon Bay. It sat at the bottom for nearly two months until the tug Leathem pumped it out and readied it for potential sale. On October 21, the Advance was put into lighter service. It was rarely used between 1903 and 1908, but by August of 1908, the barge was loaded with cargo for the stone trade.

On April 20, 1911, the vessel was lengthened and widened, and both masts were removed for more on-deck storage and higher carrying capacity. In June, the Advance was put into commission in the stone trade throughout Lake Michigan. Throughout the 1910s, it primarily transported crushed stone from Leathem & Smith's quarry operation, typically in tow under the power of the John Hunsander.
On the morning of October 17, 1921, the steel bulk freighter Frank Billings went ashore in Sand Bay, Wisconsin, south of Sturgeon Bay, while bound for Green Bay with cargo of soft coal. The tug Smith and lighter Advance were sent to the site and began lightening the freighter of coal. In the following days, both ships were occupied with attempting to free the Frank Billings. On October 19, high winds and heavy seas caused the Advance to take on water; the lighter was cut from its moorings and set adrift. It drifted onshore in Sand Bay that evening; the crew was rescued by the U.S. Coast Guard, but the lighter was damaged.

The attempt to salvage the Advance made use of two large pumps to pump water out of the hold, but a survey of the hull declared the ship too broken to be saved. The Advance's two derricks, wrecking pumps, and other wrecking machinery were salvaged from the vessel. Little else was documented of the salvage or actions after the loss, but the Advance remained under ownership of the Leathem & Smith Company until the following year. Its enrollment document was surrendered in Milwaukee on April 21, 1922, and the barge was declared abandoned.
The wreckage of the Advance lies in eight feet of water, on a rocky bottom 520 feet offshore of the Sand Bay Peninsula in Door County, Wisconsin. The location of the site has been known throughout the years; many residents of Sand Bay have shared memories of visiting it as children. Although severely broken, the vessel's keelson structure, centerboard trunk, and the lower hull of its original 1871 construction remain extant. Additionally, bustle remnants and evidence of hoisting machinery added in 1911 are visible. All of the Advance's upper deck is gone, yet the turn of the bilge is observed on the starboard side of the wreck. A 40-foot-long section of the hull is located approximately 75 feet east of the site. Metal plates and straps, as well as a large pile of coiled iron rigging, are also scattered around the wreck.

Wisconsin Historical Society maritime archaeologists conducted an archaeological field school and documented the site in July 2018. The Advance site provided significant information on wooden barge conversion techniques, as the vessel was adapted for use as a lighter in 1911.