Lakewood is located in northern Oconto County, in the Chequamegon-Nicolet National Forest.
As with many of the small towns and villages in the area, Lakewood was initially known its timber. McCaslin Brook was the primary source for moving the cut timber to either the local sawmills or further downstream where the timber would be sold. The timber industry was active as recently as the 1950s. More recently the growing tourist industry has become primary with the McCaslin Brook Golf Course, fishing, tubing, and canoeing all available in the area.
However in keeping with the old logging days, one tract of land was not cut in order to preserve the 200 to 400 year old timber.
Located on Waubee Lake, camp Nan A Bo Sho (a YMCA camp) provides lessons in many outdoor activities.