Platted by the Western Town Lot Co. in 1897 and appropriately named for the lake in the nearby woods. Information provided by Deana Hipke.

The Tourtillotte family operated a trading post at Waubee Lake in the mid 1800's. This was sold to Mr. Langlois and then became a resort under the ownership of Hick Mc Conley. The 60 lakes and 300 miles of trout streams within the 6 mile radius of Lakewood attracted John Anderson, thought to be the first white settler in Lakewood, who bought 80 acres of land that was later occupied by the Lowery Family.

The first post office was in his home. Next a log building became the postoffice. Mrs. Baker, Mrs John Frye, and Arthur Rugg were successively in charge. John Frye settled on 40 acres near Lakewood in 1906, and the deed to the land was signed by President Theodore Roosevelt. Mayme Brennen of Gillett, in Oconto County, was the school teacher in the first schoolhouse building on Brook Farm. She married William Grady, the local tavern owner. Other early family names include Pederson, Ihlenfeldt (1900), Boeckle, Bauers, Baker, Gehling, Checota, Zipper, Raddant, and Rugg.

When the railroad came through Lakewood in 1897, Chris Himmler was the first depot agent and Mike Grady was the first section foreman. A devestating fire destroyed much of Lakewood in 1921. The first brick hotel in Lakewood was built shortly thereafter by brothers William (also owner of the first tavern) and E.M. Flynn, originally from Breed, Oconto County. Lakewood was the hometown of former professional big league baseball player, Russel Bauers.