Nipawin is located in north-east Saskatchewan, Canada, on the Saskatchewan River portion of Tobin Lake. Nipawin is near the Fort à la Corne Provincial Forest, location of the world's largest diamond bearing kimberlites and intensive diamond exploration activity. Other industries in the area include: agriculture, tourism, canola oil processing, honey production, candle manufacturing, forestry, and commercialization of second-generation biofuels.

The town lies between Codette Lake, created by the Francois-Finlay Dam (built in 1986) and Tobin Lake, created by the E.B. Campbell Dam built in 1963, renamed from "Squaw Rapids"). The construction of Francois-Finlay Dam earned Nipawin the nickname, The Town of Two Lakes. This resort community has become a destination for fishing, camping, boating, golfing, hunting and outdoor recreation. Nipawin hosts several annual fishing events, including, the Great Northern Pike Festival, a summer-long event offering prizes for catching tagged fish. Other annual fishing events are the Codette Walleye tournament, Ladies Fish for Freedom Tournament, and the Vanity Cup Walleye tournament running the last weekend in September and the first week in October.

Nipawin is bordered by the Rural Municipality of Nipawin No. 487 and the Rural Municipality of Torch River No. 488 (the latter across the Saskatchewan River).

Nipawin is also home to a landscaped 18-hole golf course. It has been rated as one of 100 public courses in Canada and one of the top five in Saskatchewan. Annual events held at the Evergreen Golf Club are Bob Dow Memorial Golf Tournament and the Evergreen Classic Golf Tournament along with many other tournaments through out the golf season. Nipawin is also home to golf pro Tyler Baker.