[3] According to the United States Census Bureau, the township has a total area of 27.8 square miles (72 km2), all land.

The French River flows through the northeast corner of the township.

The Lester River flows through the western portion of Lakewood Township.

The following are adjacent to Lakewood Township : Jean Duluth Road (County Road 37) runs north–south along Lakewood Township's western boundary line with adjacent city of Rice Lake.

Oak Street follows the actual southern boundary line in two separate disjointed sections.

17.9% of all households were made up of individuals, and 4.8% had someone living alone who was 65 years of age or older.