According to Municipal And Regional Key Figures (www.noegletal.dk) it covers a total area of 885.40 km2 (341.85 square miles) and has a population of 39,632 (1 January 2024; 44.80 inh./km2/116.03/sq.mi.).

The local politicians' original plan was to create two new municipalities: Maribo Kommune (Midtlolland: middle of the island:Holeby, Højreby, Maribo, Rødby) and: Nakskov Kommune (Vestlolland: western part of the island:Nakskov, Rudbjerg, Ravnsborg), but in a local referendum Wednesday 18 May 2005 it was decided by the voters to combine all of the 7 municipalities into one (the results were 51.6% for in Midtlolland and 54.6% for in Vestlolland).

Despite the official vision of creating an ecologically sustainable economy agriculture is mainly conventional and focusing on cash crops like wheat, sugar beets, rapeseed and an intensive production.

The sugar beets are refined in up to date processing facilities owned by Nordzucker in Nakskov, the main industrial center.

In the heavy industry other large industrial production sites within the municipality have concentrated their efforts on specialised parts of the production, design for instance, but all factory jobs - the majority of the jobs - have been lost, i.e. MAN B&W Diesel A/S (founded as Holeby Dieselmotorfabrik A/S in 1919) in Holeby.

Among the manufactured products are: medical devices made of plastic, breakfast cereals for private label companies.

Major companies having production facilities in Lolland Municipality include Codan Medical in Rødby.

The traffic corridor between Hamburg and Copenhagen is linked via car and train ferries sailing between Rødby and Puttgarden two times an hour.

This ferry route will have competition from the Fehmarn Belt Fixed Link road and railway tunnel which is scheduled to be finished in 2026 and to open in 2029.