Lincoln Park is named for the city's largest park, which stretches along the lake on the neighborhood's eastern border and provides running and bicycle paths, athletic fields, and large grassy areas for public use. The neighborhood was settled in the 1850s by German immigrants and was later devastated by the Chicago Fire of 1871. Today it is one of the city's most upscale neighborhoods, characterized by its tree-lined streets, late 19th century architecture, trendy restaurants and shops, and young professional residents. It is home to the Lincoln Park Zoo, the Peggy Notebaert Nature Museum, and the Chicago Historical Society. Among its many entertainment venues are the world famous Steppenwolf Theater Company, whose members have included Gary Sinise and John Malkovich, and The Second City, the comedy group that was the proving grounds for John Belushi, John Candy, Bill Murray, Dan Aykroyd, Gilda Radner, Mike Myers and Chris Farley. Webster Place, Pipers Alley, and the many clubs, bars, restaurants and shops on Lincoln Avenue, Halsted Street and Armitage make Lincoln Park the place to be.

Lincoln Park also has excellent public transportation with many bus routes and stops for the brown, red, and purple "L" lines, offering easy access to downtown Chicago (the Loop) and the northern suburbs of Skokie, Evanston, and Wilmette. Residential parking permits are required for nighttime parking on side streets.

Two areas within Lincoln Park include Depaul University and the Old Town Triangle. The residential neighborhood around DePaul lies between Armitage (2000 N), Fullerton (2400 N), Halsted (800 W), and Racine (1200 W). This area includes Ranch Triangle, Sheffield, Wrightwood, and West Depaul. Many small neighborhood bars and boutique shops create a warm neighborhood atmosphere. The Depaul neighborhood offers a great combination of active thoroughfares and quiet, residential, tree-lined streets. The Old Town Triangle section of Lincoln Park lies between Wells, Lincoln Avenue, North Ave (1600 N), and Armitage (2000 N).

Lincoln Park is a highly desirable housing market, and the construction of single family homes, townhouses, and condominiums continues to reduce the supply of rental apartments.