Waverly, founded in 1836, is the second largest city in Morgan County, Illinois, United States.

[4] Waverly is in southeastern Morgan County, 26 miles (42 km) southwest of Springfield, the state capital.

Illinois Route 111 has its northern terminus at IL 104 on the west side of Waverly; it leads south 11 miles (18 km) to Palmyra.

The northeast corner of the city drains toward the South Fork of Lick Creek, a northeast-flowing stream that is part of the Sangamon River watershed.

[6] Waverly is the home of the Waverly Holiday Tournament, the longest running Class 1A holiday basketball tournament in the state of Illinois, for high school boys' basketball in December every year since 1951.