Madrid-Waddington Central School serves the town of Madrid, but outside the population center.

The south part of Madrid was lost to form the town of Potsdam in 1806.

After a more diverse economy, including mining and logging, the primary industry became farming, and the commercial presence is solely to support the residents.

The First Congregational Church of Madrid was listed on the National Register of Historic Places in 2010.

Madrid hamlet lies approximately halfway between the towns of Potsdam and Waddington along New York State Route 345.

New York State Route 310 is an east–west highway passing south of the hamlet.

21.3% of all households were made up of individuals, and 10.0% had someone living alone who was 65 years of age or older.