Waverley is considered an area of historic beauty within the Surrey Hills and has been described as the most prosperous council in the United Kingdom. It comprises of three principle towns, Godalming, Farnham, Haslemere and the largest village in the UK, Cranleigh. Within these boundaries there are many small villages and parishes some of which have their own local council under the overall umbrella of Waverley Borough Council. The borough is located between the North and South Downs (a Wealden borough) predominantly within the Green Belt and pockets within the Surrey Hills Area of Outstanding Natural Beauty.
The borough is named after Waverley Abbey, near Farnham, the earliest Cistercian monastery in Britain. Much of the west of the borough echoes former ownership by the abbey, such as Waverley Cricket Club.