Wolfeboro Falls is an unincorporated community in the town of Wolfeboro in Carroll County, New Hampshire, United States. It is located 0.5 miles (0.8 km) 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 (8.5 m) over its 0.3-mile (0.5 km) course.