[1] The community is located on Illinois Route 3 between the Big Muddy River to the north and Ware to the south.

The nearest incorporated city to Wolf Lake is Jonesboro, which is about 10 miles (16 km) southeast.

[3] Wolf Lake is located in the rural, predominantly agricultural[4] floodplain of the Mississippi River.

The Big Five Levee System, an earthen embankment with an average height of 14 feet (4.3 m), reduces the risk of flooding from the Mississippi River and tributaries.

[7] Wolf Lake's economy is predominantly agricultural, driven by the production of soybeans and corn[4] on alluvial soil types classified as prime farmland.