Wise is named after Virginia governor Henry A. Wise. The town is also the home of The University of Virginia's College at Wise.
Wise is located at (36.978057, -82.577033).
According to the United States Census Bureau, the town has a total area of 3.1 square miles (8.0 km²), all of it land.
There were 1,424 households out of which 26.3% had children under the age of 18 living with them, 47.0% were married couples living together, 10.3% had a female householder with no husband present, and 39.0% were non-families. 34.6% of all households were made up of individuals and 14.0% had someone living alone who was 65 years of age or older. The average household size was 2.17 and the average family size was 2.79.
In the town the population was spread out with 19.7% under the age of 18, 11.3% from 18 to 24, 30.7% from 25 to 44, 23.4% from 45 to 64, and 15.0% who were 65 years of age or older. The median age was 38 years. For every 100 females there were 101.4 males. For every 100 females age 18 and over, there were 99.7 males.
The median income for a household in the town was $28,531, and the median income for a family was $36,875. Males had a median income of $30,170 versus $21,389 for females. The per capita income for the town was $18,760. About 12.6% of families and 15.6% of the population were below the poverty line, including 15.3% of those under age 18 and 11.6% of those age 65 or over.

, Assistant Vice Chancellor for Athletic Development at the University of Virginia's College at Wise.Three buildings in the town of Wise are on the National Register of Historic Places. The Colonial Hotel, now known as the Inn at Wise Court House, was added to the Register in 1991. The Wise County Courthouse was added to the Register ten years earlier, in 1981. In February 2006, the Register listed the E. M. Fulton House. All of these buildings are located on Main Street.