[4] The town is situated in Middle Park in the valley of the Fraser River along U.S. Highway 40.

It can and does get frost year-round, totaling 287.3 nights under 32 °F (0 °C), rivalled only by towns in northern Alaska and Bodie, California, among currently inhabited localities in the United States.

The total of 63.4 nights under 0 °F (−17.8 °C) is also among the highest in the contiguous 48 states, but the 59.9 days with highs not topping freezing is exceeded by substantial areas of North Dakota, Minnesota, northern Wisconsin and the Upper Peninsula of Michigan.

Both Fraser and International Falls, Minnesota, have claimed the title "Icebox of the Nation", which has caused conflict between the two towns over the years.

[12] Fraser, Colorado has been in a dispute with International Falls, Minnesota since 1956 over use of the trademark "Icebox of the Nation.

"[15] After several years of legal battles, the United States Patent and Trademark Office officially registered the slogan with International Falls on January 29, 2008.

Amtrak provides regular service to Fraser and nearby Winter Park (station code: WIP), operating its California Zephyr daily in each direction between Chicago, Illinois and Emeryville, California in the San Francisco Bay Area.

In 2015, Amtrak also resumed seasonal ski train service to the Winter Park Resort, and in 2025 they added a stop in Fraser.