Waskatenau, located 22km West of Smoky Lake on Highway 28, and 25 km North of Lamont on secondary Highway 831, is named after a Cree word meaning "opening in the bank". The village came into existence in 1919 after the railway came through the area. Prior to this the area was known as Pine Creek. Pine Creek was located near the North Saskatchewan river and it was the local post office.

    In it's early years, Waskatenau was a very busy commercial center. In 1929 there were four general stores, a hardware store, a bank, a meat market, two confectionaries, a poolroom, a boarding house, two restaurants, two blacksmiths, two garages, a bakery, two lawyers, a doctor, a skating rink, community hall, two churches and a three room school.

    The paving of highway 28 and the centralization of businesses has changed the look of Waskatenau over the years. It was incorporated as a village in 1932 and presently has a population of 276 people. Waskatenau remains a lively business center in 1998. There is a barbershop, a blacksmith, backhoe/cat/gravel company, hair stylist, hotel, grocery store, car dealer, farm implement dealer, two banks, motel, gas station, two insurance agents, two restaurants, and a freight hauling company. Many more home based businesses also thrive with Tupperware, Avon, Silk Plants and other crafts doing a brisk business.

    Waskatenau being an agricultural community also has an United Grain Growers bushel elevator plus two other elevators that supply farmers with fertilizer and anhydrous ammonia.

    Waskatenau's strong sense of community spirit and pride are evident in its many community groups. The groups include the Canadian Legion, the Lions Club, Agricultural Society, Home Makers Club, and Senior Citizens Club. Waskatenau's curling club has been around for 50 years and continues to be active. Their Pryvett Ukrainian Dance Club includes about 60 - 65 talented dancers ages 4 and up. Their youth group works together with the seniors center, to provide activities such as cooking and crafts that span the generations. The great ice rink, hosts both figure skating and hockey, with hockey teams for all ages, including a seniors team - the Waskatenau Dynamo's. And during the summer, when the ice rink is unavailable, there's baseball! Waskatenau has baseball teams for all ages.

    There are three churches in Waskatenau, the Ukrainian Greek Catholic, Ukrainian Greek Orthodox and the United Church. And the Waskatenau school has 100 students from Kindergarten to Grade nine.

    In August comes the Waskatenau Fair, with the a parade, horse shows, bathtub races and slowpitch baseball games.