[2] The village lies in the northeast part of the town of New Albion, north of Salamanca.

In 1828, the brothers Calvin and Arad Rich settled in the hills surrounding the area.

Shortly after, the village became a boomtown growing to 1,500 inhabitants and even being visited by US President Millard Fillmore.

[5] According to the United States Census Bureau, the village has a total area of 1.1 square miles (2.9 km2), all land.

Since 2013, the Seneca Transit System has provided public bus service to the village.

The right-of-way of the portion heading southeast from Cattaraugus is now the Pat McGee Trail, which was established in 2005.

Outside of that, Cattaraugus's economy mostly capitalizes on its location far away from most major municipalities (the nearest city of more than 10,000 is more than 20 miles (32 km) away in any direction).

Other businesses include the Bank of Cattaraugus (founded 1882, considered the first bank in the region),[9] P & C Gas Measurement Service, a Brooks Market grocery store (now closed), Jenny Lee Country Store (now known as "The Feed Mill"), Perky's Market, Rocket Cup Coffee, and Pritchard's Hardware, as of 2022 the only pharmacy in town The Corner Drug Store closed.

The village's only automobile dealership, Illig Chevrolet Pontiac, closed in 2008 as a result of the General Motors bankruptcy.