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
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.