The Village of Paradise Valley is located within the County of Vermilion River just off Highway 897 about 37 kilometres (23 mi) south of the Village of Kitscoty. Paradise Valley and nearby hamlets of McLaughlin and Rivercourse are referred to as the Three Cities, with access to local sports and recreation amenities that serve this combined area.

The economic base of the Village is largely agricultural. Nearby hog operations and the Co-op seed cleaning plant also contribute to local production.

The County of Vermilion River has become a strong and effective service center with support by grain elevators, machinery agents, farm supply distributors, veterinary and government services.

Heavy crude oil exploration development has found the County to be strategically located. The oil fields in nearby Lloydminster and Wainwright areas are easily accessible from the County of Vermilion River along the Yellowhead (Highway 16), Highway 41, or secondary Highway 897.