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.