A number of oil related businesses have located in Elk Point. Agriculture is also important in the Elk Point area.
Elk Point is located on the North Saskatchewan River which was an fur trade route. Both the Hudson's Bay Company and the North West Company had posts on the river near Elk Point. Alberta Culture has built an interpretive centre near the remains of Fort George and Buckingham House.
There is a large carved statue of Peter Fidler (a figure from fur trade days) near Elk Point and a mural of Elk Point history near the town centre. The Iron Horse Trail, a rail trail, is nearby. Elk Point was a fur trading post in the fur trade days.
Elk Point celebrated its centennial on June 30 and July 1, 2007.