Lake of the Woods is a census-designated place in Champaign County, Illinois, United States.

[3] As of the 2020 census[5] there were 2,403 people, 938 households, and 640 families residing in the CDP.

The population density was 1,360.70 inhabitants per square mile (525.37/km2).

There were 938 households, out of which 43.9% had children under the age of 18 living with them, 47.76% were married couples living together, 10.55% had a female householder with no husband present, and 31.77% were non-families.

31.77% of all households were made up of individuals, and 13.75% had someone living alone who was 65 years of age or older.