Lakeway is located only 30 minutes from downtown Austin. Attractions and amenities in Lakeway include a multitude of parks, events sponsored by the Lakeway Arts and Beautification Committee, the Lakeway Activity Center featuring facility rentals, clubs and classes, as well as the Lakeway Heritage Center for location education, the Lakeway Swim Center and Skate Park. The residents of Lakeway value community and particularly outdoor activity, leading to a family-friendly atmosphere prized by so many Austin residents. Lakeway also includes interest groups such as the Bee Cave/Lakeway Mom's Group, the Colorado River Foundation, the Lakeway Rotary Club, the Lakeway Friends of the Park, as well as the Lake Travis Toastmakers, amongst other groups.

Lakeway is served by the Lake Travis Independent School District. In recent years Lakeway's population has diversified from mostly retirees, due to the high cost of living in the area, to younger families seeing high value in the quality education, community and level of safety in Lakeway, as well as the nearness to Lake Travis of course. Median home prices from 2006 to 2011 have remained stable due to the area's desirability. Prices range from $200,000 to over one million.