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Laguna Park is located along State Highway 22 in southeastern Bosque County, approximately 27 miles (43 km) northwest of Waco. The community is situated at the southern end of Lake Whitney, near the dam.
Following the completion of Whitney Dam in the early 1950s, Laguna Park became a recreation destination. Small stores and a post office opened to serve the surrounding agricultural area as well as visitors to Lake Whitney. The population stood at just under 500 during the mid-1970s, but slowly grew to approximately 550 by 2000.
Public education in the community of Laguna Park is provided by the Clifton Independent School District.