Walters is located in southwest Oklahoma in Cotton County (of which it is the county seat) along SR 5 about 5 miles east of Interstate 44 about 20 miles south-southeast of the Lawton/Fort Sill area. Nearby bodies of water include Waurika Lake, about 15 miles to the southeast, and the Red River, about 10 miles to the south.
Local attractions include the Cotton County Museum.
The population estimate for July 1, 1998 was 2,334, a decrease of 185 since 1990.
