Spencer is located in central Oklahoma in Oklahoma County in the Oklahoma City metropolitan area east of Interstate 35 and north of U.S. Highway 62 on the banks of the North Canadian River near Lake Stanley Draper.

Local attractions include the Spencer Historical Society & Museum charting the town's history through its collection of artifacts from early pioneer days to the present.

The population estimate for July 1, 1998 was 4,005, an increase of 33 since 1990.