Wakefield sits at the northern edge of the Lakes Region in Carroll County, bordering Maine and centered around several lakes including Great East Lake and Lovell Lake. The town includes several distinct villages, with Sanbornville serving as its main commercial center.

The lakes draw summer boating and fishing traffic, while the town's rural character and proximity to Maine keep it quieter than the busier Winnipesaukee-area communities to the south. A small downtown in Sanbornville covers everyday shopping and dining needs.

Housing in Wakefield ranges from modest year-round homes to seasonal lake cottages, with prices tied closely to lake access. The town draws retirees, seasonal residents, and families seeking a quieter Lakes Region alternative near the Maine border.