The valley is oriented north–south and is located in a glacial trough named the "Folly Gap" (originally spelled "Folleigh").
The Wallace River flows north through the valley to the Northumberland Strait from its source in Dicks Meadows[1] on Higgins Mountain.
In 1872 the Intercolonial Railway built its mainline between Halifax and Rivière-du-Loup through the valley, rising along its western walls to gain altitude to reach the summit at Folly Lake.
Following this realignment, the former Highway 104 alignment in the valley reverted to its original Trunk 4 designation and is currently classed as a secondary road.
The valley is also home to the deactivated Folly Lake Satellite Ground Terminal previously operated by NATO.