Wolfeboro Falls is an unincorporated community in the town of Wolfeboro in Carroll County, New Hampshire, United States. It is located 0.5 miles north of the center of Wolfeboro, on the strip of land separating Front Bay from Crescent Lake. The stream connecting the two lakes, known as the Smith River, drops 28 feet over its 0.3-mile course. New Hampshire Route 28 passes through the village, leading to Ossipee to the north and Alton to the south. New Hampshire Route 109A leaves Route 28 at the center of the village, heading northwest towards Center Tuftonboro and Melvin Village.