The community is located at the junction of Rice County Road 20 (Cannon City Boulevard) and Crystal Lake Trail.
A creamery and a small grocery store were once present, but have been closed for decades. The creamery is under renovation by a private party. A plank road connected Cannon City to Faribault in 1857. It has since been paved.
Due to a quirk of zoning ordinance, Cannon City has once again seen housing starts beginning in 2001 after decades without new construction. The community is served by a small church.
The community of Cannon City was the model for Metropolisville in the novel The Mystery of Metropolisville by Edward Eggleston.