It has a population of 234, based on the 2011 national census. This is in decline from its 2006 population of 274. Craven is host to an annual country music festival called the Craven Country Jamboree. It was originally called the Big Valley Jamboree, and was first established by Father Lucien Larre, as a fundraiser for his Bosco Homes for emotionally disturbed youth. A successor event, the Kinsmen Rock'N the Valley rock music festival, ran until 2004. The country music format was revived in 2005.
Located near south end of Last Mountain Lake, Craven was named for William Craven (1606-1697,) Earl of Craven. Earlier, in the days of the fur trade, the Hudson Bay Company had a store in the area known as "La Fourche" or "The Forks." Source:Russell, E. T. What's in a Name : The Story Behind Saskatchewan Place Names