The village is located on Highway 18, about 150 kilometres (93 mi) southeast of the city of Swift Current.

The community acquired a post office in 1911 and was named by combining Manitoba and North Dakota, the original homes of many of its initial settlers.

[6] Mankota has a stockyard for the sale of cattle from many farms in the area.

Other businesses include an inn, motel/restaurant, general store, Credit Union, clinic/old folks home, bowling alley, town hall, library, fire station, community centre, auto repair shop, gas station, and a Canada Post office.

In 2016, Weil Group Resources of Dallas constructed a $10 million helium processing facility near Mankota to supply refined, industrial-grade helium gas to world markets, reviving a mineral resource which was previously established in Saskatchewan.