[3] It lies close to the southeast shore of the shallow tidal lake which shares its name.

The town is located on State Highway 1, and the South Island Main Trunk rail line runs through it, though trains no longer stop.

The name Waihola is accepted to be analogous with the word wai-hora, meaning "spreading waters".

[7] The place name also creates some interest as the Māori alphabet doesn't normally contain the letter 'L'.

Although some people chose not to answer the census's question about religious affiliation, 57.5% had no religion, 30.7% were Christian, 0.9% had Māori religious beliefs, 0.3% were Hindu, 0.3% were Muslim, 0.7% were Buddhist and 2.3% had other religions.

[11] Waihola is a popular destination for day-trips from Dunedin, 35 kilometres to the north, and the lake is a venue for many water sports, including waterskiing, rowing, and yachting.

It is a diverse and highly productive ecosystem, supporting threatened species such as the giant kōkopu and the South Island Fernbird.

The wetland is of great significance to Kāi Tahu and is used for recreational hunting and fishing.