Single-frame infrared small target (SIRST) detection poses a significant challenge due to the requirement to discern minute targets amidst complex infrared background clutter. Recently, deep learning approaches have shown promising results in this domain. However, these methods heavily rely on extensive manual annotations, which are particularly cumbersome and resource-intensive for infrared small targets owing to their minute sizes. To address this limitation, we introduce a Hybrid Mask Generation (HMG) approach that recovers high-quality masks for each target from only a single-point label for network training. Specifically, our HMG approach consists of a handcrafted Points-to-Mask Generation strategy coupled with a pseudo mask updating strategy to recover and refine pseudo masks from point labels. The Points-to-Mask Generation strategy divides two distinct stages: Points-to-Box conversion, where individual point labels are transformed into bounding boxes, and subsequently, Box-to-Mask prediction, where these bounding boxes are elaborated into precise masks. The mask updating strategy integrates the complementary strengths of handcrafted and deep-learning algorithms to iteratively refine the initial pseudo masks. Experimental results across three datasets demonstrate that our method outperforms the existing methods for infrared small target detection with single-point supervision.