Fenelon Falls is built around the waterfall and Lock 34 of the Trent-Severn Waterway, with the village's small Victorian downtown running along the north bank of the river. The lock is one of the most picturesque on the system — boats drop nearly nine metres in a single chamber, with the falls visible just downstream — and the small park around it is the busiest spot in the village on a summer afternoon.
The high street, Colborne Street, is short and walkable. There are antique shops, a couple of cafés, a brewery (the local one is Fenelon Falls Brewing Co), and an outdoor outfitter on the corner. The Maryboro Lodge museum on the lake gives a good account of the village's logging-era history.