Together with the village of Peace Dale, it is treated by the U.S. Census as a component of the census-designated place identified as Wakefield-Peacedale.

The Wakefield village center along Main Street (old Boston Post Road) between Belmont Avenue and Columbia Street was listed on the National Register of Historic Places in 1996 as Wakefield Historic District, with boundary increases in 2019 and 2022.

Wakefield was a focus for settlement due to its location on the Saugatucket River and the old Post Road, which was laid out early in the 18th century.

The textile industry began to become an important source of economic activity in 1807 when a carding mill was established on the Saugatucket River.

[3] The local textile mill continued to operate and expand through the 19th century, but in the mid-century, as nearby Peace Dale grew as a manufacturing center and factories were established in other water power sites in the area, Wakefield became the commercial center of South Kingstown.

[3] Much of Wakefield's economy is driven by seasonal tourism, as the main central business district of South Kingstown runs from the Saugatucket River up to Old Tower Hill.

Buildings in Wakefield listed on the National Register of Historic Places listings in Washington County, Rhode Island include Wakefield Baptist Church, Nathaniel C. Armstrong House, John H. Armstrong House, Hera Gallery,[4] and Bell Block.