Waterford is included in the Lewiston-Auburn, Maine metropolitan New England city and town area.

[citation needed] The township was granted on February 24, 1774, by the Massachusetts General Court to Captain Andrew Gardner and his company of soldiers for services under Sir William Phipps during the 1690 expedition against Canada.

[3] The land was surveyed in 1774; in spring of 1775, David McWain of Bolton, Massachusetts arrived with his dog at a lot he bought for $40.

He cleared land and built a log cabin, returning to Bolton for two winters until he settled permanently at Waterford in spring of 1777.

McWain preferred solitude, and was deeply annoyed when he first saw smoke rising about 12 miles (19 km) away at Paris Hill.

Other grantees arrived nevertheless, most from the Massachusetts towns of Bolton, Harvard, Stow, Northborough and Rowley.

Wood products included window sashes, barrel staves, salt boxes and buckets.

Today, Waterford Flat is a resort area, and home to The Lake House, a 1797 inn set among antique buildings listed on the National Register of Historic Places.

It is bordered by the towns of Norway to the northeast, Albany and Stoneham to the northwest, Sweden and Lovell to the southwest, and Harrison and Bridgton to the southeast.

The racial makeup of the town was 98.83% White, 0.27% Native American, 0.07% Asian, 0.07% Pacific Islander, and 0.76% from two or more races.