Cold Ashby is surrounded by rolling farmland, and has a notable golf club. Its population is mainly commuters and their families, although farming is important to the local economy. The village has its own football and cricket clubs, and is within the catchment area of the Guilsborough schools. Lying on the contour line Cold Ashby is the highest village in Northamptonshire.
The British Ordnance Survey's first trig pillar, the triangular post used by surveyors, is near Cold Ashby. More than 11,000 of the posts were erected across Britain to enable surveyors to create maps accurate to within metres by measuring angles and using trigonometry to calculate distances between the pillars.