It is situated on the left bank of Arpa River and is surrounded by the Yeghegis mountains from the northwest and Vayk mountain range from the south․ It is 1300 meters above sea level. The climate of the town is characterized by cold and snowy winters and mild cool summers.
Historically, the area of Vayk belonged to the Vayots Dzor canton of Syunik province of Greater Armenia. At the beginning of the 16th century, Eastern Armenia fell under the Persian rule and during the period between the 16th and 17th centuries the region was turned into a frequent battlefield between the invading troops of the Turkic and Iranian tribes. In the 19th century, the region became part of the Russian Empire.
The town had different names until in 1990 it was finally renamed Vayk, literally meaning "sorrows". The name of the city is connected with the terrible earthquake that took place in Vayots Dzor, which destroyed almost everything overthrowing the mountains and covering the rivers.
The Saint Trdat Church was built in Vayk in 2000. The church is named after King Tiridates III of Armenia who proclaimed Christianity as the state religion of Armenia in 301. The ruins of an old settlement dating back to the 1st millennium BC have been found in the northeast of Vayk. The Vayk bridge of the 17th century over the river Arpa is located 1 km west of the town.
The town also has a cultural centre with 2 theatre halls, a music academy, an art academy, and a public library. It also has a public park in the centre named after Karen Demirchyan. There are modern comfortable hotels and restaurants in the town. The climate of the town is characterized by cold and snowy winters and hot summers.