Guateque's urban center is located at an altitude of 1,815 metres (5,955 ft) on the Altiplano Cundiboyacense at distances of 125 kilometres (78 mi) from the department capital Tunja and 112 kilometres (70 mi) from Bogotá, capital of Colombia.

It borders the municipalities of La Capilla, Tenza, Sutatenza, Somondoco of Boyacá and Tibiritá and Manta of Cundinamarca.

[1] Guateque is derived from the original name Guatoc, meaning "Stream of the ravine" or "Lord of the winds".

[3] While Catholic missionaries were already working in Guateque since 1556, the modern town was founded on January 28, 1636, by a group of Spanish leaders.

[1] Despite the urban character of Guateque, almost half of its economy is based on agriculture and livestock farming.