Moody Street in downtown Waltham offers its own brand of entertainment with a colorful assortment of shops, restaurants, and bars, including The Gaff, Outer Limits, Gourmet Pottery, and the Embassy Cinema. Moody Street's booming nightlife, convenience to the commuter rail and lower rents have attracted younger professionals to Waltham in growing numbers in recent years. Moody Street is also referred to as "Restaurant Row" because of the number, variety and quality of its restaurants.

The city is now a center for research and higher education, home to Brandeis University and Bentley University. Waltham is commonly referred to as the Watch City because of its association with the watch industry. Waltham Watch Company opened its factory in Waltham in 1854 and was the first company to make watches on an assembly line. It won the gold medal in 1876 at the Philadelphia Centennial Exposition. The company produced over 35 million watches, clocks and instruments before it closed in 1957.