Wakaw, Saskatchewan, nestled 90 kilometers northeast of Saskatoon and 66 kilometers south of Prince Albert, holds a strategic location midway between these two prominent cities. Accessible via Highway 2, Highway 41, and Highway 312, Wakaw sits amidst hilly, partially forested terrain east of the South Saskatchewan River, forming part of the aspen parkland biome.

The town derives its name, Wakaw, from the Cree language, meaning "crooked," a term adopted from the nearby Wakaw Lake and bestowed upon the settlement.

Initially inhabited predominantly by Eastern European settlers, Wakaw boasts historical significance as the former residence of Prime Minister John Diefenbaker and his first wife, Edna Brower. Diefenbaker commenced his legal career in Wakaw, operating his inaugural law office from 1919 to 1925.

The formal establishment of Wakaw occurred on December 26, 1911, following a petition by 21 residents to the Department of Municipal Affairs, leading to the incorporation of the Village of Wakaw. Situated on land donated by Anthony Goller, an immigrant to Canada in 1902, the town initially occupied Section 30, Township 42, Range 26, west of the 2nd Meridian. Subsequently, the town underwent relocation to its current site with the construction of the railroad. On August 1, 1953, Wakaw attained town status.

The vicinity surrounding Wakaw Lake boasts approximately 800 cabins, some serving as year-round residences.

In 2021, Wakaw recorded a population of 978 inhabitants, residing in 421 of its 496 total private dwellings.