The borough has two schools for kindergarten through eighth grade. High school students attend Shawnee High School in the Lenape Regional High School District. In 1939, residents approved the establishment of a school district. Nokomis School was completed in January 1957, and in 1962 the Neeta School was built on 18 acres of annexed Medford Township property. Before this time, children attended schools in the Medford district.
Traditions continue to play an important role in the every day life of the borough.
A summer camp that dates to 1929 remains a popular pastime for resident children each year. The annual Canoe Carnival, also dating to 1929, is an enormous event each summer around the first Saturday in August on Lower Aetna Lake. And every year since the late 1940s, the Medford Lakes Lions Club has floated a Christmas tree in the middle of Ballinger Lake. Today, residents continue to embrace Medford Lakes' unique community and traditions. Formation of an official historical society is under way, and there also is talk of opening a borough history museum.