Lakefield is located north of Peterborough, slightly east of Bridgenorth, south of Buckhorn and Apsley. Lake Katchewanooka, the source of the Otonabee River, is north of the village augmented by the Trent-Severn Waterway along the west. The marina in Lakefield will be open in time for the 2006 boating season after undergoing major renovations.

Lakefield College School (LCS) is a prestigious boarding school located north of the village. It was founded in 1879 as Sparham Sheldrake's Preparatory School and was later named Lakefield Preparatory School following the Second World War. An educational institution, attended by Prince Andrew, prides itself on its reputation for offering male students a high-quality education.

Well known for its upscale shopping and superb recreational facilities, tourists are offered both casual and fine dining facilities.

Lakefield accommodations range from bed and breakfasts to housekeeping cottages and camp grounds.