Lake Success is one of nine Villages that make up the overall area commonly called Great Neck, and participates in regional cooperative projects in this area.

The Village was incorporated in December, 1927. It is one of 32 Incorporated Villages in the Town of North Hempstead, which constitutes the northwestern quarter of Nassau County. Village government has local authority within its borders which is equivalent to the authority of the Town of North Hempstead in the unincorporated areas outside of the Village.

Lake Success Village covers about two square miles. Lake Success contains 1,195 acres of land, of which 43 acres are lakes. The largest of the three lakes is Lake Success, deriving its name from an Indian chief named "Sacut". The lake is geologically a "kettle hole" gouged out by the glaciers during the last Ice Age. The surrounding glacial moraine is some of the highest land on Long Island. The lake is approximately 75 feet deep in the center and contains many varieties of fish. It is spring fed and is a sanctuary for numerous water fowl. No hunting, fishing, or boating is permitted on the lake.