Adjacent to Huonville, it serves as a residential area for commuters, a tourist destination, and a hub for agricultural activities.

Wilmot Street features the heritage-listed Clifton Estate (previously known as Matilda's of Ranelagh), which once hosted Queen Elizabeth II.

[6] Notable establishments include the Jimmy Watson Memorial Trophy-winning Home Hill Winery, a key player in Tasmania's wine industry,[7] and Huon Bush Retreats, a popular eco-tourism destination.

[8][9] The town's picturesque landscapes and proximity to the Huon River attract visitors year-round for activities such as kayaking, bushwalking, and exploring its wineries and farm gates.

Ranelagh retains its agricultural roots, with the fertile Huon Valley supporting a range of industries, including apple orchards, vineyards, and small-scale farms.