Whaley Bridge stands at the end of the Peak Forest Canal, which cuts through the narrow Goyt valley.  Many visitors come by water, and there is a thriving barge-restaurant based at the canal basin.  The town has a good selection of shops, pubs and restaurants.

Close by, on an arm off the main canal, is Bugsworth Basin.  Now restored, this was once the largest and busiest inland port on Britain's narrow canal system.

The whole area around the canal basin is very historic and there are plans for the regeneration of the basin and its surrounds, including the Grade 2 listed transfer shed.  The basin also provides the setting for one of the biggest local events, W3 - the Whaley Water Weekend, usually in June, followed immediately by the well dressing and the annual Rose Queen Carnival.

Toddbrook Reservoir lies to the west of the town with fantastic views over the water to the surrounding Peak District.  It was built in 1831 as a feeder for the Peak Forest Canal and is a Site Of Special Scientific Interest.  It is the habitat for herons, ducks and other animals and fish.  Many rare mosses and liverworts grow on the shores.  The reservoir is home to Toddbrook Sailing Club.