[5] The city is located at the southeast corner of Buchanan Township, about 5 miles (8.0 km) west of Niles.

The community was named after James Buchanan, the 15th President of the United States.

The area, already having been populated by Native Americans in places such as the Moccasin Bluff site, was first settled in 1833 at the spot where McCoy Creek meets the St. Joseph River.

[9] On April 12, 1979, farms, houses and mobile homes just north of the city were damaged by an F2 tornado.

Electro-Voice, a manufacturer of high quality audio equipment such as microphones, amplifiers and loudspeakers, was also headquartered in Buchanan.

Charlie Schmidt's Place, a merch company specializing in t-shirts, has a location in the south region of Buchanan.

The Tin Shop Theatre, located near Pears Mill, is a small theater with performances in the summer.

The seasons run into September and a variety of shows for everyone of any age and any occasion are performed there.

Roti Roti Art Center, located near the old Police Station holds art shows and fundraisers all year round Red Bud MX is a racetrack opened in 1973 that hosts a round of the AMA Motocross Championship on the Independence Day weekend.

Commercial air service is provided by the South Bend International Airport, with flights to larger hubs such as Atlanta, Chicago O’Hare, Cincinnati, Cleveland, Detroit, Las Vegas, Minneapolis-St. Paul, Orlando, and St. Petersburg-Clearwater.